At the international level, the division of labor increases output through
a. tariffs.
b. economies of scale.
c. standardization.
d. exchange rates.
b. economies of scale.
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A growing government budget deficit and national debt reduces economic growth because
A) it insures that future generations will have to pay the debt. B) it reduces public investment. C) it reduces household saving. D) it diverts private savings from the financing of private investment.
Orange juice and grapefruit juice are likely to be
A. inferior goods. B. substitutes for one another. C. complementary to one another. D. all of the above.
The difference between exports and imports of goods is the
A. balance of trade. B. balance of paying. C. balance of payments. D. balance of accounts.
The discovery of new oil deposits will cause
A) the long-run aggregate supply curve to shift to the right and the short-run aggregate supply curve to shift to the left. B) the long-run aggregate supply curve to shift to the right, but not the short-run aggregate supply. C) the short-run aggregate supply curve to shift to the right, but not the long-run aggregate supply curve. D) both the long-run and the short-run aggregate supply curves to shift to the right.