Specialization is another word for
A) pursuing one's comparative advantage.
B) the division of labor.
C) producing at a comparably lower opportunity cost.
D) all of the above.
E) none of the above.
D
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Neither the demand nor the supply of sugar is perfectly elastic or inelastic. If the government imposes a 5 percent tax on sugar, the
A) price of sugar buyers pay falls by 5 percent. B) price of sugar buyers pay increases by less then 5 percent. C) price of sugar buyers pay does not change. D) quantity of sugar increases. E) price of sugar buyers pay rises by 5 percent.
Which of the following is NOT an economic function of the U.S. government?
A) promoting competition B) providing public goods C) promoting price stability D) encouraging production of government-inhibited goods
During the 2009-2010 debate on the stimulus package, democrats argued primarily for increased government spending. What effect would this have on the value of the multiplier?
a. It would decrease the value of the multiplier. b. It would have no effect on the multiplier. c. It would increase the value of the multiplier. d. The effect is uncertain.
In a recession, typically
A) unemployment rises. B) the employment-to-population ratio decreases. C) the employment-to-population rate rises. D) the labour force participation rate rises. E) both A and B are correct.