Intergovernmental competition obscures citizen preferences for public sector output
a. True b. False
b
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If the average annual growth rate in real GDP for a nation during the last decade was 4 percent per year and the average annual population growth rate was 3 percent per year during the same period, then the average annual growth rate of per capita GDP was
A) 1.00 percent. B) -1.00 percent. C) 0.75 percent. D) 1.33 percent.
Quebec is capable of producing 10,000 pallets of wood shingles or 8,000 barrels of maple syrup. Vermont is capable of producing 12,000 pallets of wood shingles or 12,000 barrels of maple syrup. a. Graph these production possibilities curves. Indicate from the slope, which has the absolute advantage, which the comparative advantage, and whether there are gains from trade. b. Assume that Vermont and Quebec each specializes in the good in which they have a comparative advantage. Suppose that Vermont and Quebec decide to trade 5,000 pallets of shingles for 5,000 barrels of syrup. Indicate this on the graph. How does this affect the well-being of the two societies? Explain.
What will be an ideal response?
In most companies, an employee must work for a number of years before qualifying for pension benefits. This process is referred to as:
A. mandatory benefit pending. B. vesting. C. regulated contribution period. D. a defined-benefit period.
The use of a price system eliminates:
A. scarcity. B. equilibrium. C. shortages and surpluses. D. changes in supply and demand.