If you buy a book of U.S. postage stamps to use to mail love letters to your sweetheart, the purchase is considered part of:
A. C.
B. I.
C. G.
D. X.
Answer: A
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Adam Smiths theory of the invisible hand posits the actions of independent, self-interested buyers and sellers will ________ lead to the most efficient allocation of resources.
A. never B. rarely C. often D. always
What is meant by decreasing returns to scale?
What will be an ideal response?
From the highest percentage to the lowest percentage, the percentage of revenues earned by businesses in the United States is represented by which of the following?
A) corporations, partnerships, sole proprietorships B) partnerships, corporations, sole proprietorships C) sole proprietorships, partnerships, corporations D) corporations, sole proprietorships, partnerships
Some proponents of trade sanctions argue for changes in policy because they fear low standards will be used to capture markets and foreign investment
While theoretically possible, there is little or no support for the view that countries use low labor standards this way, because A) countries with low labor standards generally have trouble attracting foreign investment. B) low standards can reduce costs, but they cannot change a country's comparative advantage. C) it is impossible to lower labor standards. D) Both A and B are correct. E) A, B, and C are all correct.