Recall the Application about the role of megacities in economic growth to answer the following question(s).According to the Application, who recognized that specialization of labor can generate higher productivity?
A. Adam Smith
B. Karl Marx
C. David Ricardo
D. John Maynard Keynes
Answer: A
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Opening this economy to trade would benefit ________ and harm ________.
A. everyone; no one B. no one; everyone C. domestic car producers; domestic car consumers D. domestic car consumers; domestic car producers
An automobile manufacturer decides to increase its retained earnings. Assuming all else equal, this will cause:
A) a downward movement along the current credit supply curve of the firm. B) the current credit supply curve of the firm to shift to the left. C) the current credit supply curve of the firm to shift to the right. D) an upward movement along the current credit supply curve of the firm.
A graph that shows how the amount of advertising expenditure differs among various industries can be shown
A) by a trend-section graph. B) by a scatter diagram. C) by a time-series graph. D) as a trend. E) by a cross-section graph.
Efficiency wages, above equilibrium minimum wage rates, and higher union wages are likely to
A) reduce the equilibrium real wage rate. B) decrease the natural unemployment rate. C) increase the equilibrium real wage rate. D) increase cyclical unemployment. E) increase the natural unemployment rate.