The concept of consumer sovereignty refers to situations in which consumers are represented on the board of directors of large corporations.
Answer the following statement true (T) or false (F)
False
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Refer to the table below. Based on their comparative advantage, Martha should specialize in ________ while Julia should specialize in ________. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. cakes; pies B. neither pies nor cakes; both pies and cakes C. pies; cakes D. both pies and cakes; neither pies nor cakes
The government redistributes income to the poor, primarily through
A. regressive taxes and disability payments. B. transfer payments and progressive taxes. C. government purchases. D. higher wages.
If labor-intensive textile products could be produced more cheaply in low-wage countries than in the United States, the United States would gain if it
a. levied a tariff on the goods produced by the cheap foreign labor. b. subsidized the domestic textile industry so it could compete in international markets. c. used its resources to produce other items while importing textiles from foreigners. d. levied a tax on the domestic textile products to penalize the industry for inefficiency.
Society wants to use its scarce resources efficiently. To achieve this economic goal it must:
A. expand the use of capital goods and reduce the use of labor. B. have a fixed resource base and fixed technology. C. have full employment and full production. D. increase the rental, interest, wage, and profit payments to the factors of production.