Refer to the table above. Country A has absolute advantage in
A) Good X.
B) Good Y.
C) Neither X nor Y.
D) Both X and Y.
A
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The self-interest model of government:
a. suggests that government officials are selfish. b. explains why there are limits on government taxation and spending. c. shows who some government projects take place even if the cost exceeds the benefits. d. All of the above.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
What are the two features of a public good?
A) nonrival and excludable B) nonrival and nonexcludable C) rival and excludable D) rival and nonexcludable
The goal of the firm is
A) low labor turnover. B) to maximize sales. C) to minimize costs. D) profit maximization.