Higher standards of living are the result of
a. an increase in the general level of prices.
b. trade restrictions that favor domestic industries over foreign competition.
c. an increase in the availability of goods and services that people value.
d. government subsidies that expand employment.
C
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Refer to Table 2-13. Which of the following statements is true?
A) Horace has an absolute advantage in dog grooming and Tammi in cat bathing. B) Tammi has an absolute advantage in both tasks. C) Horace has an absolute advantage in cat bathing and Tammi in dog grooming. D) Horace has an absolute advantage in both tasks.
Which of the following is not true with regard to economic profit?
a. economic profit equals total revenue minus total cost b. economic profit excludes implicit cost c. economic profit is any profit greater than a normal profit d. firms attempt to maximize economic profit e. long-run economic profit is always zero in perfect competition
In the postwar period, the share of GDP of which of the following has increased the most?
a. State companies b. Agriculture c. Industry d. State regulated utilities e. Government spending
Suppose the United States unexpectedly decided to pay off its debt by printing new money. Which of the following would happen?
a. People who held money would feel poorer. b. Prices would rise. c. People who had lent money at a fixed interest rate would feel poorer. d. All of the above are correct.