Absolute advantage governs the potential for gains from trade
a. True
b. False
Indicate whether the statement is true or false
False
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The income-expenditure model is best used for short-run analysis of economic fluctuations
Indicate whether the statement is true or false
Which of the following protects people from incompetent or unscrupulous producers?
A) the Federal Register B) social regulation C) the market share test D) economic regulation
The interest rate:
A. is expressed as a percentage per dollar borrowed and per unit of time. B. tells us how much less money is worth today than in the future. C. exists only because lending is risky. D. All of these statements are true.
Categories of U.S. consumer spending, ranked from largest to smallest, are
a. housing, food & beverages, education & communication, and transportation. b. education & communication, housing, food & beverages, and transportation. c. food & beverages, housing, transportation, and medical care. d. housing, transportation, food & beverages, and medical care.