Most economists agree that the government should use incomes policies to control inflation during peacetime
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Table 2-9. Does either Japan or Thailand have an absolute advantage and if so, in what product?
A) Thailand has an absolute advantage in rice. B) Japan has an absolute advantage in wristwatches. C) Japan has an absolute advantage in rice. D) Thailand has an absolute advantage in both products.
An example of an intangible good is: a. an automobile. b. a new house
c. a snowplow. d. friendship.
Which fundamental economic question is most closely related to the issues of income distribution and poverty?
A. The What to Produce question. B. The Why to Produce question. C. The How to Produce question. D. The For Whom to Produce question.
A definition of the gross domestic product (GDP) is:
A. personal consumption expenditures, gross private domestic investment, and net exports. B. the market value of all intermediate goods and services produced by the economy in one year. C. the sum of wage and salary compensation of employees, interest income, and rental income. D. the market value of final goods and services produced by the economy in one year.