If a government runs a deficit it can cover the gap by
A) increasing transfer payments. B) purchasing bonds.
C) lowering the discount rate. D) printing money.
D
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What is an inferior good?
A) a product of low quality that we do not want to purchase B) a product for which demand increases when income increases, and demand decreases when income decreases C) a product for which demand increases when income decreases, and demand decreases when income increases D) a product that is complementary E) a product that is a substitute for another, better good
The concept of loss aversion is:
A. preferring certain outcomes over uncertain ones. B. a general tendency for people to put more effort into achieving gains than avoiding losses. C. a general tendency for people to put more effort into avoiding losses than achieving gains. D. a spectrum of tolerance for risky situations.
According to Prebisch and other ISI theoreticians, countries should begin to shift their comparative advantage away from primary commodity production by first producing
A) industrial goods such as pumps and generators. B) complex consumer goods such as autos and appliances. C) simple consumer goods such as food products and textiles. D) minerals and agricultural products.
The total of consumer plus producer surplus is largest at the market equilibrium.
Answer the following statement true (T) or false (F)