When most people talk about believing in equality of income, they mean they believe in equality of:
A. after-tax income for comparably endowed individuals.
B. before-tax income for comparably endowed individuals.
C. effort for comparably endowed individuals.
D. opportunity for comparably endowed individuals.
Answer: D
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The fundamental force that drives trade between nations is
A) the government. B) NAFTA. C) absolute advantage. D) comparative advantage. E) legal treaties.
If all firms are identical, output demand shifts cannot cause changes in output price in the long run.
Answer the following statement true (T) or false (F)
In the one-period valuation model, the value of a share of stock today depends upon
A) the present value of both the dividends and the expected sales price. B) only the present value of the future dividends. C) the actual value of the dividends and expected sales price received in one year. D) the future value of dividends and the actual sales price.
Refer to the tables. Suppose that North Cantina is producing 2 units of capital goods and 17 units of consumer goods while South Cantina is producing 2 units of capital goods and 21 units of consumer goods. We can conclude that:
Answer the question on the basis of the following production possibilities tables for two countries, North Cantina and South Cantina:
A. North Cantina is fully and efficiently using its resources, but South Cantina is not.
B. South Cantina is fully and efficiently using its resources, but North Cantina is not.
C. neither South Cantina nor North Cantina is fully and efficiently using its resources.
D. both South Cantina and North Cantina are fully and efficiently using their resources.