Until 1980, the national debt was mostly the result of:
a. wartime borrowing
b. inflation.
c. bad monetary policy.
d. wasteful Congressional spending.
e. Social Security obligations.
a
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Which of the statements below best illustrates the use of the market process in determining the allocation of scarce resources?
A) "Let's make this product because this is what we know how to do best." B) "We should consider shifting to products where we can earn even more money." C) "Everyone is opening video stores, why don't we?" D) "We can't stop making this product. This product gave our company its start."
All of the following are reasons that trade between nations is beneficial EXCEPT
A) gains from specialization. B) exchange of ideas. C) protection of domestic industries. D) gains from trade.
_____ is measured in terms of current-year prices
a. Nominal gross domestic product (GDP) b. GDP price index c. Real gross domestic product (GDP) d. Arbitrage e. Depreciation
Which of the following is an example of a private good?
a. Cable television b. Health care c. The judiciary d. Cars