Which of the following does the United States import?
A. Video-game machines, cell phones, and steel.
B. Cell phones, but not steel.
C. Steel, but not video-game machines.
D. Video-game machines, but not cell phones.
A. Video-game machines, cell phones, and steel.
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The demands for labor and other input factors are called
A) derived demands, because the demand for these inputs depends on the demand for goods and services they are employed to produce. B) developed demands, because the demand for these inputs is developed from an analysis of the costs of advertising products. C) indirect demands, because the demand for these inputs is indirectly related to the costs of advertising products. D) reverse demands, because the demand for these inputs varies inversely with the demand for goods and services they are employed to produce.
Producers tend to be better represented in lobbying efforts and other elements of the political process than consumers because
a. producers are generally more intelligent and, therefore, better informed. b. producers are generally better organized than consumers. c. producers are better educated than consumers. d. the number of producers affected by the outcome of a particular political issue is usually greater than the number of consumers affected.
Property rights will help ensure efficient use of a common resource like fisheries, since:
a. property rights can be used to make a good excludable. b. property rights can be used to make a good nonrival. c. property rights will eliminate any negative externality arising from the use of a resource. d. the marginal social cost will be reduced.