Most Americans would voluntarily support defense without required taxation
a. True
b. False
Indicate whether the statement is true or false
False
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"Cheap foreign wages" is a poor argument for protection because it fails to recognize the importance of productivity. Which of the following does NOT contribute to increasing productivity?
A) Education and training B) Government subsidies C) Infrastructure D) Capital
Labor supply
A) must necessarily increase when the real wage increases. B) increases if the substitution effect exceeds the income effect. C) is increasing and then decreasing in the real wage. D) increases when taxes increase.
Which of the following statements about the real interest rate is not correct?
a. The real interest rate includes the expected inflation rate. b. The real interest rate represents the society's time value of money. c. The real interest rate is determined by the forces of supply and demand. d. The real interest rate remains the same as a nation's average expected inflation rate rises. e. All the above are false.
Resources are limited in both wealthy and poor societies.
Answer the following statement true (T) or false (F)