Most economists agree that while there are a seemingly endless number of ways to promote economic development:
A. there is no need to measure effectiveness.
B. there is no way to determine which ways are the best.
C. there are few ways to measure their effectiveness.
D. there are just as many ways to measure effectiveness.
Answer: C
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When a third string NFL quarterback earns more than a police officer, society answers the ________ question
A) for whom B) what C) how D) why E) social interest vs. self-interest
The standard of living in a nation depends on
A) how well its economy functions relative to other countries. B) the size of the country, with larger nations always doing better than smaller ones. C) how well the economy functions within that country. D) whether or not its currency is adopted as the world's monetary standard.
The study of an economy's price level is explicitly a part of
A) macroeconomics. B) microeconomics. C) positive economics. D) normative economics.
Assume that Brazil gives up 3 automobiles for each ton of coffee it produces, while Peru gives up 7 automobiles for each ton of coffee it produces.
A) Brazil has a comparative advantage in automobile production and should specialize in coffee. B) Brazil has a comparative advantage in coffee production and should specialize in the production of automobiles. C) Brazil has a comparative advantage in coffee production and should specialize in coffee production. D) Brazil has a comparative advantage in automobile production and should specialize in automobile production.