The increase in wage inequality resulting from globalization can be reversed through:
A. making markets more competitive.
B. revoking the principle of comparative advantage.
C. decreases in worker mobility.
D. increases in worker mobility.
Answer: D
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Which of the following causes autonomous consumption to decrease?
A) a decrease in consumer income B) consumers becoming more optimistic about future decreases in the price level C) an increase in average family size D) consumers becoming more thrifty
The figure above shows a production possibilities frontier. In the figure, when the economy moves from point E to point D, what is the opportunity cost of a DVD?
A) 0.25 cell phones B) 0.5 cell phones C) 1 cell phone D) 4 cell phones E) zero
In a country with floating exchange rates and high capital mobility, an increase in government spending will be
A) less effective than with low capital mobility. B) highly effective. C) not effective at all. D) harmful to the growth of real incomes.
Which of the following events triggered intense debate over the classical model of the economy?
a. The U.S. Civil War b. World War I c. the Baby Boom d. The Great Depression e. World War II