Refer to the given data. Suppose that before specialization and trade Alpha chose production alternative C and Beta chose production alternative B. After specialization and trade, the gains will be:
A. 20 tons of fish.
B. 20 tons of chips.
C. 20 tons of fish and 20 tons of chips.
D. 240 tons of fish and 20 tons of chips.
A. 20 tons of fish.
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Suppose that the number of jobs in the fishing industry decreases but the number of jobs in the travel industry increases. Initially, ________
A) the economy remains at full employment B) structural unemployment increases C) there is a shortage of workers in both sectors D) cyclical unemployment increases
In economics, the concept that individuals are motivated by self-interest and respond predictably to opportunities for gain is known as
A) rational self-interest. B) altruism. C) sufficiency. D) empiricism.
Refer to the graph shown. Suppose the economy is initially at A but then the Fed adopts an expansionary monetary policy. The initial effect of this policy will be pressure to move the economy to:
A. E. B. B. C. C. D. D.
The Temporary Aid to Needy Families (TANF) program:
A. requires that recipients participate in work activities. B. is associated with a decrease in single mothers working. C. has caused a rise in national welfare caseloads. D. was an important factor in the increase in poverty among children between 1993 and 2002.