Which of the following helps to explain the differences in earnings in the United States?
a. ability, effort, and chance
b. compensating differentials
c. physical attractiveness
d. All of the above are correct.
d
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Explain the concept of "crowding out" in a closed economy
What will be an ideal response?
Contractionary monetary policy refers to the Fed's decreasing the money supply and decreasing interest rates to decrease real GDP
Indicate whether the statement is true or false
Dumping refers to the practice of
a. flooding a foreign market with large quantities of a good. b. selling a product abroad at a price below cost or below the domestic price. c. exporting inexpensive products to foreign countries. d. selling surplus goods abroad with counterfeit brand names.
Protecting endangered species is not an example of a public good because there are no external benefits associated with it.
Answer the following statement true (T) or false (F)