Which of the following is the least efficient method of allocating import licenses by the government?
A. Resource-using application procedures
B. A free lottery
C. Fixed favoritism
D. A competitive auction
Answer: A
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Refer to the above table. Assuming that opportunity costs are constant, which of the following is a correct statement?
A) The United States has a comparative advantage in computers. B) The United States has a comparative advantage in bicycles. C) Mexico has a comparative advantage in computers. D) Mexico has a comparative advantage in both goods.
Since the growth in the money supply is unrelated to government spending, fiscal policy and monetary policy can be conducted independently
a. True b. False Indicate whether the statement is true or false
Demand-side inflation differs from supply-side inflation in which of the following ways?
A. Demand-side inflation has higher output; supply-side inflation has lower output. B. Demand-side inflation has lower output; supply-side inflation has higher output. C. Demand-side inflation is always followed by stagflation; supply-side inflation is always followed by demand-side inflation. D. Demand-side inflation has a self-correcting mechanism; supply-side inflation does not.
Which of the following are determinants of differences in income?
A) age B) marginal productivity C) discrimination D) all of the above