Macroeconomic policymakers do not include
a. the president of the United States.
b. the U.S. Congress.
c. the president of General Motors.
d. the secretary of the U.S. Treasury.
c. the president of General Motors.
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Most economist would consider the marginal private benefit of education is
A) less than the marginal social benefit. B) equal to the marginal social benefit. C) greater than the marginal social benefit. D) equal to the marginal social cost.
Economic costs include implicit costs but not explicit costs
Indicate whether the statement is true or false
What characteristic do human and physical capital share?
A) Both are controlled by the government. B) Current costs are incurred for future benefits. C) Their growth depends crucially on the growth of total factor productivity. D) The use of both exhibits rivalry.
The principle of comparative advantage implies that
A) only wealthy countries ultimately can benefit from international trade. B) every country can benefit from international trade. C) we should limit the extent to which people specialize. D) most people are harmed by trade.