All other things being equal, globalization
A. benefits people whose skills are relatively scarce on world markets, and hurts those whose skills are relatively common.
B. benefits countries that have wealthy, highly educated workforces, and hurts countries that have poor, badly educated workforces.
C. benefits countries that have relatively low wages, and harms countries that have relatively high wages.
D. benefits manufacturing firms and hurts service firms.
Answer: A
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The use of common property resources:
A. reduces positive externalities in many cases. B. reduces negative externalities in many cases. C. leads to positive externalities in many cases. D. leads to negative externalities in many cases.
Which of the following goods is NOT subject to the free-rider problem?
A) national defense B) the local police force C) public fireworks D) a public transit system
"Men are disposed, as a rule, and on the average, to increase their consumption as their income increases, but not by as much as the increase in their incomes." Which of the following is consistent with this statement by J.M. Keynes?
a. The slope of the consumption function is positive and less than one. b. The slope of the consumption function is greater than that of the 45-degree line. c. The slope of the consumption function is negative. d. The slope of the consumption function is equal to one.
The situation that exists because our unlimited wants exceed our limited resources is called ______.
a. a correlation b. an input c. a shortage d. scarcity