(Consider This) According to Dallas Federal Reserve economist W. Michael Cox, taken to its extreme, the logic of "buying American" implies that:
A. we should buy everything from abroad.
B. people should only consume what they can produce themselves.
C. consumers should only buy goods from other states.
D. the best-quality goods are found in the United States.
B. people should only consume what they can produce themselves.
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A factor of production with unique attributes is able to command a scarcity rent determined by market demand
Indicate whether the statement is true or false
The value of GDP can be found by adding together
A. wages, consumption, investment, and imports. B. government purchases, consumption, net exports, and investment. C. consumption, government purchases, transfer payments, and net exports. D. wages, investment, government purchases, and depreciation.
Which component of consumption spending is the greatest in a typical industrialized economy?
A) services B) durable goods C) nondurable goods D) new housing
Refer to the below graph which shows the supply and demand for unionized manufacturing workers. The initial equilibrium point is point 1. There is an increase in the demand for manufactured goods while at the same time health benefits for unionized manufacturing workers also increase. Which point would represent the new equilibrium?
A. 3
B. 4
C. 5
D. 6