All of the following are income in kind EXCEPT
A) income received from family members.
B) services produced in the home.
C) government provided food stamps.
D) government provided medical aid.
Answer: A
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One of the reasons that import substitution is popular is that
a. there was never any demand for the products in question b. infant industries would have to compete against global rivals c. it benefits suppliers to the favored domestic industries d. it slows down the progression through the production chain e. the emphasis is on comparative advantage and trade expansion
Where should a producer stop devoting more of his spending on labor if initially the MRP of the additional dollar spent on labor is higher than the MRP of the additional unit spent on tools?
a. MRP/$ of additional labor falls below MRP/$ of additional tools. b. MRP/$ of additional capital increases above MRP/$ of additional tools. c. MRP/$ of additional labor becomes equal to MRP/$ of additional tools. d. MRP/$ of the additional labor falls to zero.
"Supply creates its own demand" implies that
A. the very act of supplying a particular level of goods and services will not necessarily equal the level of goods and services demanded. B. the government will buy up any surplus of goods and services in a country to avoid economic problems. C. the very act of demanding a particular level of goods and services necessarily equals the level of goods and services supplied. D. the very act of supplying a particular level of goods and services necessarily equals the level of goods and services demanded.
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.