Voluntary exchanges between ____________ generates surplus.
A. firms
B. countries
C. individuals
D. All of these are true.
D. All of these are true.
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________ is most likely to contribute to an improvement in our living standard
A) An increase in real GDP B) A decrease in nominal GDP C) An increase in the price level D) An increase in depreciation E) An increase in the GDP deflator combined with a decrease in nominal GDP
Federal taxes make up about ______ percent of total taxes
a. 40 b. 50 c. 60 d. 70
International trade on the basis of comparative advantage maximizes world output and allows consumers to access better-quality products at lower prices than would be available in the domestic market alone
a. True b. False Indicate whether the statement is true or false
Most economists believe unions are bad for the economy as a whole
a. True b. False Indicate whether the statement is true or false