Mahatma Gandhi exhorted his followers in India to promote economic welfare by decreasing imports. This approach
A) makes no sense.
B) makes no economic sense.
C) is consistent with the the Ricardian model of comparative advantage.
D) is not consistent with the Ricardian model of comparative advantage.
E) guarantees benefits for Indian workers.
D
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If the CPI was 121.5 at the end of last year and 138.3 at the end of this year, the inflation rate over these two years was
A) 10.2 percent. B) 13.8 percent. C) 12.2 percent. D) 16.8 percent.
More cattle are found to have mad cow disease. As a result, consumer confidence in the safety of beef is shaken. What would an economist predict will happen in the beef market?
A) As consumer preferences move away from beef, there is an upward movement along the beef demand curve. B) The demand curve will shift to the left. C) The demand curve does not shift but consumers move to a point lower down the curve. D) absolutely no change in either the quantity demand or the demand for beef
The opportunity cost of an action:
a. is equal to the marginal cost of an action b. is equal to explicit cost c. is equal to the cost of the next best alternative forgone d. is the total cost of an action
If a firm refuses to hire any minorities due to a personal prejudice, its profits
a. will increase markedly. b. will decrease. c. will not be affected. d. will increase slightly.