The text mentions 10 sources of U.S. comparative advantage. Which of the following is not one of them?
A. A large stock of intellectual property rights
B. Relatively open immigration laws
C. Religious diversity
D. Skills of the U.S. labor force
Answer: C
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An increase in workers' wealth causes
a. the supply curve of labor to shift to the right b. the supply curve of labor to shift to the left c. the supply curve of labor to stay the same d. an upward movement along the supply curve of labor e. a downward movement along the supply curve of labor
Theoretically, the price of a field hand on the New Orleans slave market would have
a. varied directly with the price of cotton. b. risen as interest rates fell. c. risen when the importation of slaves became illegal. d. All of the above are true.
An increase in income will
A. shift the budget constraint to the right. B. make the budget constraint flatter. C. make the budget constraint steeper. D. make the budget constraint more bowed.
From an economic standpoint, the pursuit of a zero-pollution environment is
A. Probably not in society's interest because of the high opportunity costs. B. The economically correct strategy. C. The morally correct strategy, and costs should not be a consideration. D. The economically correct strategy as long as benefits accrue to society.