Wealth in the United States is:
A. distributed in a way that reduces the degree of income inequality.
B. more unequally distributed than is income.
C. less unequally distributed than is income.
D. distributed in a way that has no effect on income inequality.
Answer: B
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Suppose Belgium produces only two goods, chocolate and lace. If Belgium has a comparative advantage in lace, a move toward free trade will
A) benefit chocolate workers, harm lace workers in the short run, but benefit the nation as a whole. B) harm chocolate workers in the short run, benefit lace workers, but benefit the nation as a whole. C) benefit chocolate workers, harm lace workers in the short run, but harm the nation as a whole. D) harm chocolate workers in the short run, harm lace workers, but benefit the nation as a whole.
During a period of hyperinflation, as households and firms avoid holding money,
A) potential GDP increases. B) long term savings accounts become more popular. C) barter becomes more common. D) the costs of inflation decrease. E) capital investment increases.
Higher levels of savings will result in all of following except: a. greater economic growth
b. higher capital formation. c. more consumption in the future. d. lower rates of investment.
If Japan gives up ten bushels of rice to produce one bicycle, while the United States gives up five bushels of rice to produce one bicycle, then
a. the opportunity cost of producing bicycles in the United States is higher than in Japan b. Japan has a comparative advantage in the production of bicycles c. the United States has an absolute advantage in the production of rice d. total output will be greater if the United States specializes in rice and Japan specializes in bicycles e. total output will be greater if Japan specializes in rice and the United States specializes in bicycles