In the last 250 years the U.S. economy has succeeded in
A) relaxing the grip of scarcity and improving the quality of life.
B) eradicating poverty.
C) reducing the number of government regulations imposed on households and businesses.
D) eliminating scarcity.
A) relaxing the grip of scarcity and improving the quality of life.
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How much of the U.S. federal budget is spent on foreign aid?
a. About 1 percent. b. About 5 percent. c. About 25 percent. d. About 50 percent.
Compared to our trade deficit with Japan from 2002-2009, our deficit with China was
A. much larger. B. slightly larger. C. slightly smaller. D. much smaller.
A strategy that achieves a goal at the lowest cost in total resources without consideration of who pays those costs is:
A. always the most profitable to the firm. B. efficient. C. impossible. D. inefficient.
A beneficial oil-price shock increases labor demand. What happens to current employment and the real wage rate?
A. Both employment and the real wage rate would increase. B. Both employment and the real wage rate would decrease. C. Employment would increase and the real wage would decrease. D. Employment would decrease and the real wage would increase.