The country with which we have the fastest growing trade deficit is __________.
Fill in the blank(s) with the appropriate word(s).
China
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Which of the following statements best summarizes the essence of public choice analysis? a. Public choice analysis applies economic principles to political science issues
b. Public choice analysis applies political science principles to traditionally economic issues. c. Public choice analysis assumes that government leaders are primarily motivated by what is best for the community, unlike private interest groups. d. none of the above
When the price of a product falls, the purchasing power of our money income rises and thus permits consumers to purchase more of the product. This statement describes:
A. an inferior good. B. the rationing function of prices. C. the substitution effect. D. the income effect.
The classical view of the labor market is basically consistent with the assumption of a vertical (or almost vertical) ________ curve.
A. aggregate expenditures B. aggregate supply C. production possibility D. aggregate demand
Given scarce resources, how societies go about deciding what to produce, how to produce it, and for whom to produce best describes
A. the fallacy of composition. B. the economic problem. C. Ockham's razor. D. decreasing opportunity costs.