The effective coordination of social behavior through voluntary exchange depends significantly upon
A) clearly defined property rights.
B) such civic virtues as courtesy and tolerance.
C) well-established and generally accepted rules regarding behavior.
D) all of the above.
D
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If this year's price level exceeds last year's
A) the inflation rate between these years has been positive. B) the inflation rate is accelerating. C) deflation is occurring. D) no relative price changes are occurring.
A decrease in government purchases can close an expansionary gap by shifting the aggregate demand curve
a. True b. False Indicate whether the statement is true or false
Why is diversification recommended for investors?
Country Y has fifteen thousand acres of land and forty-five thousand laborers, whereas the Rest of the World has one hundred thousand acres of land and two hundred thousand laborers. These countries produce a labor-intensive Good A, and a land-intensive Good B. When trade opens up between these countries, it can be inferred that Country Y will
A. import both goods. B. export both goods. C. export Good B, and import Good A. D. export Good A, and import Good B.