In colonial days, the wealth holdings among the colonists were
a. approximately equal to their incomes
b. unequally distributed among the colonists
c. about the same as in 1973
d. approximately zero because there was no appreciable accumulation of assets
e. equally distributed among the colonists
B
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"We offer the best deal in town. If somebody charges a lower price, bring in their ad and we'll beat it!" From the economic point of view, the firm promising to match its competitor's low prices is attempting to
A) lie. B) cheat. C) learn more about the market. D) do nothing more than bait and switch their customers.
The cyclically adjusted deficit as a percentage of GDP is 1 percent in year 1. This deficit becomes a surplus of 1 percent of GDP in year 2. It can be concluded from year 1 to year 2 that:
A. fiscal policy was contractionary. B. the federal government is decreasing taxes. C. fiscal policy was expansionary. D. the federal government is increasing spending.
Recall the Application about the opportunity cost of an entrepreneur to answer the following question(s).Recall the Application. Which of the following would be included as an opportunity cost of renting your house through Airbnb?
A. opportunity cost of time sending emails B. opportunity cost of cleaning the house C. fees to Airbnb D. All of these are part of the costs.
What does it mean for a country to have an absolute advantage in producing a product?
What will be an ideal response?