The process of countries becoming more open to foreign trade and investment is known as
A) autarky. B) globalization. C) protectionism. D) foreign exchange.
B
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Economists define efficiency as
A. output maximization. B. the absence of waste. C. input maximization. D. the presence of surplus.
The change in a firm's total revenue that results from hiring an additional worker is measured by the
A. average revenue product. B. marginal product. C. marginal revenue. D. marginal revenue product.
Taking some types of spending "off budget" means
A) eliminating that spending. B) financing the spending by special one-time taxes. C) borrowing to finance it instead of using tax revenue. D) not counting that spending as part of the official budget.
Which of the following is TRUE regarding the distribution of wealth and the distribution of income?
A) The distribution of wealth is a less accurate measure of inequality because it excludes human capital. B) The distribution of wealth is a more accurate measure of inequality because it includes houses. C) The distribution of income is a less accurate measure of inequality because it excludes the value of things you own. D) The distribution of income is a less accurate measure of inequality because not everyone has a job.