According to Baumol, Blinder, and Solow, recognition of the usefulness of markets
A. labels a person as an apologist (defender) of capital.
B. extends to some socialist countries, for example, China.
C. should make totally free markets good for any society.
D. makes one a radical.
Answer: B
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Specialization increases total world output.
Answer the following statement true (T) or false (F)
Figure 9-1
?
In Figure 9-1,
A. the 45° line represents all points where spending equals output. B. to the left of equilibrium GDP, inventories will rise. C. to the right of equilibrium GDP, inventories will fall. D. the level of equilibrium GDP equals potential GDP.
In the last few decades, tariffs have:
A. risen more in developing nations than in developed countries. B. risen more in developed nations than in developing countries. C. risen by more than 20 percent in developing countries. D. fallen by more than 20 percent in developing countries.
Other things equal, a decrease in the Z factors shifts
A. the AD curve to the left. B. the AD curve to the right. C. the AS curve to the right. D. the AS curve to the left.