The private sector of the economy produces mainly goods that are nonexcludable
a. True
b. False
B
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The United States can produce 1,000 shoes if it specializes in shoe production. Alternatively, it can produce 500 shirts. Taiwan can produce 500 shoes or 200 shirts. Explain which country will specialize in shoe production and which in shirt production. What are the possible terms of trade?
What will be an ideal response?
Suppose that the prices of good A and good B were to suddenly double. If good A is plotted along the horizontal axis,
A) the budget line will become steeper. B) the budget line will become flatter. C) the slope of the budget line will not change. D) the slope of the budget line will change, but in an indeterminate way.
What do economists mean by "per capita GDP"?
a. The value of a country's production at current market prices. b. The value of a country's production adjusted for inflation. c. The value of a country's production divided by the country's population. d. The value of all paid and unpaid work in the country.
The incentive to work is an ingredient of the negative income tax because:
A. if families do work, they will be eliminated from the program. B. if families don't work, they will be eliminated from the program. C. the more income earned in the workplace, the higher the family's after-tax income. D. the more income earned in the workplace, the higher the payment from the government.