Scarcity is a result of an unfair distribution of income
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
In the early 1900s, Henry Ford revolutionized the automotive manufacturing industry by instituting the assembly line. What impact did the assembly line method for producing automobiles have on the per-worker production function for Ford?
A) It became linear. B) It shifted down. C) It shifted up. D) It became flatter.
If the value of the spending multiplier is greater than 1, then an increase in investment will shift the aggregate demand curve to the left
a. True b. False Indicate whether the statement is true or false
The base year in the consumer price index (CPI) is:
a. given a value of zero. b. a year chosen as a reference for prices in all other years. c. always the first year in the current decade. d. established by law.
According to the theory of comparative advantage, countries gain from trade because
a. Trade makes firms behave more competitively, reducing their market power. b. All firms can take advantage of cheap labor. c. Output per worker in each firm increases. d. World output can rise when each country specializes in what its does relatively best. e. Every country has an absolute advantage in producing something.