If there are big gains to be had from specialization and trade, countries generally don’t produce one good because:
A. national economies often are perfectly free markets.
B. there is perfectly free trade between national economies.
C. specialization is generally limited by trade agreements.
D. All of these are true.
C. specialization is generally limited by trade agreements.
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What makes up M1? Is M1 larger or smaller than real GDP?
What will be an ideal response?
The marginal product of labor is the change in total product from a one-unit increase in
A) the quantity of labor employed, holding the quantity of other inputs constant. B) the quantity of capital employed, holding the quantity of labor constant. C) both the quantity of labor and the quantity of other inputs employed. D) the wage rate.
If the government collects taxes and makes expenditures of a smaller amount, bank reserves
A) are unaffected. B) may rise or fall. C) rise. D) fall.
A demand schedule provides
A) the quantities of a good people are willing to sell every year. B) the amount of a good a person wants to sell during a given time period. C) the alternative quantities demanded for a given time period at different possible prices. D) the amount of a good a person wants at different times of the day.