Nearly two out of three Americans feel that we are spending too little on welfare
Indicate whether the statement is true or false
F
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If you have a comparative advantage in a particular task, then:
A. you have specialized in that task, while others have not. B. you complete it faster than other people. C. you give up less to accomplish that task than do others. D. you give up more to accomplish that task than do others.
Keynesian economics predicts that if government policy makers deem current equilibrium real Gross Domestic Product (GDP) to be "too low," then an appropriate policy action would be to
A. raise government spending, thereby increasing aggregate demand and pushing up real Gross Domestic Product (GDP) with little or no inflationary consequences. B. reduce the money stock, thereby causing aggregate demand to decrease and inducing a rise in fall in the price level that generates an increase in total planned expenditures. C. do nothing, because the economy is self-adjusting. D. increase taxes, thereby causing aggregate demand to increase and inducing a rise in real Gross Domestic Product (GDP) with little or no inflationary consequences.
What is meant by diminishing marginal benefits? Are you likely to experience diminishing marginal benefits for goods that you like a lot? Are there exceptions to the general rule of diminishing marginal benefits? (Hint: think about batteries that you
would use in a flashlight that requires two batteries.) Explain your answer.
The price of chocolate chips has increased. For the producers of chocolate chip cookies, this means:
A. they can supply more at each price because some of the competition will drop out. B. they can supply less at each price because the price of a main input has gone up. C. they can supply more at each price because the price of a main input has gone up. D. they can supply more at each price because of more competition.