The human skills theory is similar to the factor abundance theory of explaining the source of comparative advantage, except that the former concentrates only on different aspects of labor
a. True
b. False
Indicate whether the statement is true or false
True
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Recall from Chapter 5: interest rates in the free market (without artificial lowering by the Fed) are largely determined by
A) Congress. B) arbitrary bank lending practices. C) household saving and consumption preferences. D) tax revenues and lobbying demands.
To date, the longest prison sentence for violating the Sherman Act has been ________ years.
A) ten B) eight C) two D) five
Economic systems differ according to what two main characteristics?
A. Ownership of resources and methods of coordinating economic activity. B. The system of government and the quantity of natural resources available. C. Quantity of output produced and who receives the output. D. Who produces the output and what technology is used to produce it.
The ratio of the change in consumption to the change in disposable income is the
A. marginal propensity to save. B. marginal propensity to consume. C. average propensity to save. D. average propensity to consume.