If you can produce more of something than others with the same resources, you have
A) a free-market economy.
B) an absolute advantage.
C) an efficient production system.
D) a comparative advantage.
B
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Savings are an example of
A) a depreciation concept. B) a flow concept. C) a stock concept. D) an investment concept.
If real GDP per capita in the United States is $8,000 in 2016, and if real GDP per capita is $12,000 in 2026, what is the average annual percent change in the growth rate of GDP per capita between 2016 and 2026?
A) 3.33% B) 5% C) 33% D) 50%
Which of the following is not among the factors that could shift the supply of pounds curve? You may assume all other factors are held constant
a. A change in U.S. real GDP. b. A change in British real GDP. c. An increase in the U.S. interest rate. d. A change in British tastes for American goods. e. An increase in the U.S. price level.
You own a house in Malibu, CA. During the recent downturn in the house values in the area your house's value declined by $100,000. If you do not sell your home during this period, your economic income ________ and your taxable income ________.
A. fell; was unchanged B. was unchanged; fell C. fell; fell D. was unchanged; was unchanged