Which of the following would be most likely stated by an economist who advocates for fine-tuning?
A. Designing economic policies that please everyone is complex.
B. Political disagreements make economic policies difficult to implement.
C. Measuring economic performance is complicated because of the size of the economy.
D. Changing economic policies in response to market changes is reasonable.
Answer: D
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According to the Heckscher-Ohlin (HO) model the source of comparative advantage is a country's
A) technology. B) advertising. C) factor endowments. D) Both A and C.
Which of the following best describes private enterprise?
a. The means of production (resources and businesses) are owned and operated by government. b. The means of production (resources and businesses) are owned and operated by private individuals or groups of private individuals. c. Economic decisions are determined by individuals. d. Economic decisions are determined by government.
If you were a Keynesian and wanted to stimulate the economy (to increase real GDP), you would
a. increase the money supply to lower the interest rate in order to increase investment b. increase the money supply to lower the interest rate in order to decrease investment c. decrease the money supply to lower the interest rate in order to increase investment d. decrease the money supply, which causes consumption to increase and saving to fall e. increase the money supply, which causes the interest rate to increase and production to increase as well
Economic analysis indicates that environmental quality
a. is something that people value, and therefore are willing to pay for. b. should always be regulated by the government. c. is something people should be forced to pay for no matter what their income levels. d. is not important to most people.