People often choose to specialize and trade because:
A. it will allow them to enjoy more goods than they can create on their own.
B. they can consume a bundle of goods on their production possibilities frontier.
C. it always allows them to produce at a point beyond their own production possibilities frontier.
D. they can take advantage of another nation’s poor choices.
A. it will allow them to enjoy more goods than they can create on their own.
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All of the following are examples of price discrimination EXCEPT
A) buy-one-get-one-free offers. B) "early bird specials" at a restaurant. C) lower ticket prices for matinee performances. D) "buy now, pay later" payment options.
Which of the following would shift a nation's production possibilities frontier outward?
A) an increase in demand for the nation's products B) discovering a cheaper way to convert sunshine into electricity C) a decrease in the unemployment rate D) a law requiring workers to retire at age 50
The reference base period is 2002. A consumer price index of 122 in 2009 means that
A) the average of the prices paid by urban consumers for a fixed market basket of consumer goods and services was 22 percent higher in 2009 than it was on average during 2002. B) prices of consumer goods have gone up by a factor of 12.2. C) if the price of a good was $100 in 2002, its price in 2009 is $122. D) the market basket of consumer goods that cost $122 in 2002 can be purchased for $100 in 2009. E) prices of consumer goods have more than doubled.
Attempts to alleviate poverty have included all of the following income-maintenance programs EXCEPT
A. temporary assistance to needy families. B. Social Security. C. 401(k) plans. D. food stamps.