An economic analysis of the burdens imposed on the colonists by the Navigation Acts for commodities that were imported from Europe via England can best be described as:
a. A shift back in the demand curve and a resulting decrease in the price of the goods.
b. A shift back in both the supply and demand curves.
c. A shift out of the supply curve and a shift back in the demand curve.
d. A shift back in the supply curve, which increases the price and decreases the quantity.
d. A shift back in the supply curve, which increases the price and decreases the quantity.
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Can actual real GDP exceed potential GDP?
What will be an ideal response?
Refer to Figure 2-14. Which country has a comparative advantage in the production of snow cones?
A) Greenland B) They have equal productive abilities. C) Iceland D) neither country
The economic way of thinking indicates that personal benefits and costs influence the actions of
A) consumers in the private sector but not voters in the public sector. B) taxpayers, but not recipients of government-provided goods and services. C) consumers, producers, voters, and politicians in both the private and the public sectors. D) producers in the private sector but not politicians in the public sector.
According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then which of the following is likely to happen?
A) Fewer goods will be produced for consumption today. B) The production possibilities frontier will shift inward in the future. C) Future economic growth will decline. D) The country's total production will fall.