The cultural hypothesis of economic growth claims that:
A) most of the ancient cultures of the world have almost been forgotten post-globalization.
B) different values and cultural beliefs cause differences in prosperity around the world.
C) a common global culture is automatically created through liberal trade practices.
D) values and cultural beliefs are proximate causes for differences in prosperity around the world.
B
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The United States produced approximately ________ worth of goods and services in 2011
A) $15 trillion B) $15 billion C) $150 trillion D) $150 billion E) $1,500 trillion
If your annual income rose by 10 percent and you increased your purchases of shoes from 2 pairs to 3 pairs each year, then your demand for shoes is
A) income inelastic and equal to 0.50. B) income elastic and equal to 1.50. C) income inelastic. D) income elastic.
According to the theory of comparative advantage, countries gain from trade because
a. Trade makes firms behave more competitively, reducing their market power. b. All firms can take advantage of cheap labor. c. Output per worker in each firm increases. d. World output can rise when each country specializes in what its does relatively best. e. Every country has an absolute advantage in producing something.
If the government required the actual market price to be fixed at $6 per unit in,
Shifts of Supply and Demand
A. A binding or effective price ceiling would result. B. A nonbinding or noneffective price ceiling would result. C. A binding or effective price floor would result. D. The market would reach equilibrium.