In general, a nation can enjoy a higher standard of living by ________ than by being self sufficient.
A. increasing its versatility
B. taxing imported goods
C. avoiding trade with other nations
D. specialization and trading
Answer: D
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Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.What is the opportunity cost of using the coupon for the Miami trip?
A. $500 B. $450 C. $100 D. $550
Tuition and fees for four year colleges in the United States have risen over five percent per year recently. One cause for the increase in price has been an increase in demand for college education. In the standard model, what could be a possible explanation for the increase in the demand for college education?
A. Income in the United States has risen B. The cost of two-year colleges has declined over the same period C. More colleges have been established D. The price of all other goods in the economy has risen 3 percent over the same period
Other things equal, if a full-employment economy reallocated a substantial quantity of its resources to capital goods, we would expect:
A. present consumption to rise. B. future consumption to fall. C. a lower rate of growth of real GDP. D. labor productivity to rise.
Under which market structure is a firm's MR curve horizontal?
A. Oligopoly B. Monopolistic Competition C. Perfect Competition D. Monopoly