Which of the following is likely the best explanation for the state of California's requirement that brake lamp adjusters must be licensed?
A. Improperly adjusted brake lamps pose a serious threat to public safety.
B. Brake lamp adjusting is a hard job requiring years of education.
C. Almost all states require licensing of brake lamp adjusters.
D. The licensing requirement reduces competition and increases wages.
Answer: D
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Tools used by economists include
A. historical study. B. mathematical reasoning. C. statistical inference. D. All of these responses are correct.
The limits of the terms of trade between two countries are determined by those countries' opportunity costs of production
a. True b. False
In hindsight, mortgage-backed securities implied very limited risk because the underlying mortgages were spread across different geographic areas
a. True b. False Indicate whether the statement is true or false
In the year 2014, the real GDP of Country A was $12.3 trillion. The nominal GDP calculated in the same year was $13.53 trillion. The value of the GDP deflator for Country A in 2014 was:
a. 110. b. 105. c. 107. d. 112.