The costs identified with opening trade are called:
a. short-run costs.
b. adjustment costs.
c. variable costs.
d. overhead costs.
Ans: b. adjustment costs.
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If a decrease in income increases the demand for a good, then the good is a(n)
a. substitute good. b. complementary good. c. normal good. d. inferior good.
An efficient tax system is one that (i) maximizes tax revenues. (ii) minimizes deadweight losses from taxes. (iii) minimizes administrative burdens from taxes. (iv) promotes equity across taxpayers
a. (i) only b. (ii) and (iii) only c. (i), (ii), and (iii) only d. (i), (ii), (iii), and (iv)
In a free market economy, current consumption, saving and investment decisions
a. are controlled largely by the government. b. shape the future course of the national economy. c. are necessarily controlled by big businesses. d. require protection from foreign forces if individuals desire wealth accumulation.
"Brain drain" results in many of the most talented minds leaving developing countries for developed countries.
Answer the following statement true (T) or false (F)