Citizens can consume more of everything in a(n)
A. open economy.
B. closed economy.
C. economy with many citizens.
D. autarky.
Answer: A
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If the production possibilities curve is a straight line,
A. opportunity costs rise as output of either commodity is expanded. B. resources are not equally productive in the production of both goods. C. opportunity costs are negative. D. resources can be moved from the production of one good to production of others with no loss of productivity.
The International Monetary Fund (IMF) was created to achieve each of the following goals EXCEPT
A) to help finance economic development in poor countries. B) to lend funds to countries having difficulties meeting their international payment obligations. C) to encourage convertibility of member countries' currencies. D) to supervise exchange-rate practices of member countries.
What three factors that were critical to economic prosperity did Adam Smith observe, and later publish in The Wealth of Nations?
What will be an ideal response?
In the model of monopolistic competition, if firms have ________ average cost curves, then opening trade will cause ________ firms to ________ the industry
A) different; less efficient; exit B) different; more efficient; enter C) symmetric; less efficient; exit D) symmetric; more efficient; enter E) symmetric; less efficient; enter