Absolute advantage is irrelevant, because knowing the absolute number of labor hours required to produce a good does not indicate if a country benefits from trade
a. True
b. False
Indicate whether the statement is true or false
True
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"The fewer the number of substitutes for a product, the more elastic the demand for that product." Is the previous statement true or false?
What will be an ideal response?
Suppose Acme County Bank and Trust has $1 million in total deposits and the required reserve ratio is 10%. How many dollars is Acme allowed to use to seek profits?
A) 0 B) $100,000 C) $900,000 D) $1 million E) $10 million
Which of the following methods can be used to sustain a cartel?
A) removing barriers to entry B) trade groups C) acts of self-interest D) the use of binding contracts
Answer the following statements true (T) or false (F)
1. Raising taxes in order to pay off the U.S. national debt would result in a significant redistribution of income. 2. Passing the debt on to future generations has a different impact on individuals than it does on the total economy. 3. Reducing the national debt would increase the money supply. 4. The actual deficit is a poor measure of fiscal policy. 5. The U.S. national debt has declined continuously as a percentage of GDP since World War II.