Of the categories of spending listed below, which is the smallest component of the market basket?
A. Food at home
B. Education
C. Apparel
D. Medical care
Answer: C
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A decline in the price of resource A will
A. shift the demand curve for A to the right. B. shift the demand curve for A to the left. C. reduce the demand for complementary resource B. D. increase the demand for complementary resource B.
Comparative advantage indicates that:
a. specialization and exchange will cause trading partners to reduce their joint output. b. a nation can gain from trade even when it is at an absolute disadvantage in producing all goods. c. trade with low-wage countries will pull down the wages of workers in high-wage countries. d. all of these.
The economic problem refers to
A. not having enough money. B. the attempt "to secure the greatest amount of pleasure with the least possible outlay". C. the notion that the wealth of nations depends on that country's ability to produce goods and services. D. None of the choices are true.
The United States has a larger real GDP than China because
A. The U.S. population is larger but works in labor-intensive jobs. B. The U.S. population is smaller but works in labor-intensive jobs. C. The U.S. population is larger but works in capital-intensive jobs. D. The U.S. population is smaller but works in capital-intensive jobs.