Which of the following statements is true about the U.S. economy?
A. The United States produces less than one-third as much as Japan does.
B. The United States produces less than half as much as China does.
C. The United States has the world's third largest economy.
D. The United States produces nearly one-fifth of the world's production.
Answer: D
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According to the Coase theorem, part of what is needed for private transactions to be efficient is that property rights
A) must be defined, but it does not matter who owns the property. B) must be defined, and it is crucial as to who owns the property. C) need not be defined as long as there are no transactions costs present. D) need to be defined by the government to avoid producers from exploiting high transactions costs.
Refer to Figure 2-13. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of both pineapples and coconuts?
A) neither country B) Costa Rica C) Guatemala D) cannot be determined
A movement along the consumption function is the result of changes in
a) the real interest rate b) disposable income c) expected future income d) the price level
Disinflation is the term for a period during which overall inflation rates are:
A. positive and falling. B. negative. C. zero. D. positive and increasing.