Which of the following did NOT describe landlords or entrepreneurs as economic villains?
A. Karl Marx
B. Henry George
C. Pierre-Joseph Proudhon
D. Joseph Schumpeter
D. Joseph Schumpeter
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Monetary policy can be most accurately described as
a. the use of government taxation and expenditures to achieve macroeconomic goals. b. the use of the government's regulatory powers to improve economic efficiency. c. the government provision of goods to improve economic efficiency. d. the deliberate control of the money supply to achieve macroeconomic goals.
Which of the following is correct?
a. There is consensus among economists that unions are good for the economy. b. There is consensus among economists that unions are bad for the economy. c. There is consensus among economists that, on net, unions have almost no impact on macroeconomic variables. d. There is no consensus among economists about whether unions are good or bad for the economy.
(Consider This) Which of the following statements about insurance and risk is true?
A. Insurance inhibits economic growth and investment by discouraging risk-taking. B. Insurance transfers risk from those with a high tolerance for risk to those with a low tolerance for risk. C. Insurance companies always earn profits because insurance premiums always exceed the payout for insured events. D. Insurance transfers risk from those with a low tolerance for risk to those with a higher tolerance for risk.
Suppose that Argentina and Chile are both engaged in the production of copper and wheat, and that Argentina has an absolute advantage in the production of both goods. If Chile has a comparative advantage in the production of copper, then Chile
A. has a lower opportunity cost for copper, which means that it should specialize in production of copper and engage in trade. B. has a lower opportunity cost for producing copper, but specialization is not feasible because Argentina has a lower monetary cost of copper production. C. should continue to produce copper, but only for domestic consumption, because trade is not a viable option. D. has a higher opportunity cost for copper, which means it should specialize in the production of wheat and engage in trade.