Which of the following is a final good or service?
A) the CPUs purchased by Dell to be used in their computers
B) the fertilizer purchased by Royal Lawn and Landscape
C) the computers purchased by Office Depot for sale to its customers
D) the grilled chicken purchased by Taco Bell for use in their burritos
E) a new replacement muffler installed by Midas Mufflers
E
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Once a new technology spreads and is adopted by many countries:
A. the first country to use it may lose its comparative advantage. B. the first country to use it will lose its absolute advantage. C. other countries will perfect it, putting them at an absolute advantage. D. the country will have to have strict intellectual property rights protections in place.
Which of the following individuals would most likely favor an increase in government spending, as opposed to a tax cut, as the basis for expansionary fiscal policy?
a. "There must be a constant philosophical prejudice against any intervention by the state into our lives, for by definition such intervention abridges liberty."-William Simon b. "The bastards [read politicians] can't spend what they don't have."-Howard Jarvis c. "The family that takes its mauve and cerise, air-conditioned, power-steered, power-braked automobile through cities that are badly paved, made hideous by litter, [and] blighted buildings...to picnic beside a polluted stream amid the stench of refuse may properly reflect on the curious unevenness of their blessings."-J.K. Galbraith d. "Public expenditures are made for the primary benefit of the middle class and financed with taxes on the poor and rich."-Director's Law
A balanced budget is present when:
A. the economy is at full employment. B. the actual level of aggregate spending equals the planned level of spending. C. public sector spending equals private sector spending. D. government revenues equal government expenditures.
A tavern is likely to have a ________ price elasticity of supply than does an antiques dealer due to ________.
A. less elastic; a shorter adjustment time B. less elastic; a longer adjustment time C. more elastic; availability of inputs D. less elastic; availability of inputs