The theory of comparative advantage is credited to
A. Adam Smith.
B. Milton Friedman.
C. John Maynard Keynes.
D. David Ricardo.
Answer: D
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An exchange rate is the price of one commodity (e.g., corn) measured in terms of another commodity (e.g., wheat)
a. True b. False
A sharp increase in gasoline prices will cause the supply curve for trucking services to shift to the right
a. True b. False Indicate whether the statement is true or false
Economic policy tool—contractionary fiscal policy. This is a weapon that can be used against inflation, though it would generally be unwise to use it at times of high unemployment
What will be an ideal response?
A wealthy person may legally use SNAP (food stamps) and WIC vouchers
A. when they have trouble making ends meet. B. because the programs are not means tested. C. because they may have children who are ill. D. when they are caring for foster children.