The concepts of specialization and gains from trade can be applied to:
A. consumer decisions.
B. international trade.
C. household decisions.
D. why globalization has expanded recently.
Answer: C
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The debt-to-GDP ratio increases when the primary deficit ________ or when seigniorage ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
An important feature of the DMP model is that
A) would-be workers care not just about the market wage, but about the chances of finding work. B) firms can fire workers. C) workers can choose to shirk on the job. D) firms maximize revenue.
The free-rider problem plagues public goods because
A) public goods are not produced by profit-maximizing firms and hence can be produced only at a loss to society. B) once public goods are produced it is not possible to exclude anyone from consuming these goods. C) the government can refuse to serve a citizen. D) the public doesn't care about public goods.
You can think of velocity as:
A. how much output money can buy. B. how quickly prices are rising. C. how often money changes hands. D. the ratio of the money supply to the inflation rate.