"Material" wealth cannot be distinguished in any useful way from wealth (with no modifying adjective) because
A) all wealth consists finally of valued experiences.
B) material objects are not essential to the creation of wealth.
C) wealth includes anything a person can purchase with money, whether material or not.
D) wealth usually fluctuates in value while matter cannot be created or destroyed.
A
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Assume that Canadian firms can produce one automobile or 1,000 calculators per day, and that U.S. firms can produce three automobiles or 6,000 calculators per day. The terms of trade should be between
a. 1,000 and 2,000 calculators per automobile, and the U.S. should produce both calculators and automobiles b. 1,000 and 6,000 calculators per automobile, and the U.S. should produce automobiles c. 1,000 and 6,000 calculators per automobile, and the U.S. should produce calculators d. 1,000 and 2,000 calculators per automobile, and the U.S. should produce automobiles e. 1,000 and 2,000 calculators per automobile, and Canada should produce automobiles
What do wages paid to factory workers, interest paid on a bank loan, forgone interest, and the purchase of component parts have in common?
A. None are either implicit or explicit costs. B. All are opportunity costs. C. All are implicit costs. D. All are explicit costs.
Which of the following is an example of a normative question?
A. How will an increase in the price of diesel fuel affect truck drivers? B. Should the government provide free prescription drugs to lower-income citizens? C. What fraction of an income-tax rebate check will be spent on consumer goods? D. How will an increase in the minimum wage affect migrant workers?
A rise in the real interest rate
A) shifts the demand for loanable funds curve rightward. B) shifts the demand for loanable funds curve leftward. C) creates a movement upward along the demand for loanable funds curve. D) creates a movement downward along the demand for loanable funds curve.