In the long run, the most important source of increase in a nation's standard of living is a:
a. zero rate of population growth.
b. high rate of economic growth.
c. high rate of consumption
d. high rate of labor force growth.
b
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If a customs union leads to a large amount of trade diversion relative to trade creation, it may be beneficial to world welfare
Indicate whether the statement is true or false
Income distribution in the United States has become more equal since 1980
Indicate whether the statement is true or false
A recession abroad would
a. increase U.S. net exports and increase aggregate demand. b. increase U.S. net exports and increase aggregate supply. c. reduce U.S. net exports and reduce aggregate demand. d. reduce U.S. net exports and increase aggregate demand.
What is a major disadvantage of a centrally planned economy?
(A) Its military forces are too weak to be effective. (B) It offers too many choices for consumers. (C) It cannot meet consumers' needs and wants. (D) It has no control over which goods and services are provided.