Capitalism is an economic system in which the production process is controlled primarily by private firms operating in markets
a. True
b. False
Indicate whether the statement is true or false
True
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Approximately how long does it take for the successive increases in spending and output to be completed after an initial increase in investment spending?
a. Two years b. Ten years c. Six years d. One year e. Five years
GDP is a useful measure since it provides a single measure of the value of the entire variety of goods and services produced by an economy
a. True b. False Indicate whether the statement is true or false
Which of the following would help eliminate the trade deficit?
A. Reduced reservation wages B. Lower tariffs C. Expansionary fiscal policy D. A rise in the exchange rate
When a country loses its comparative advantage in the production of a good it:
A. will become a loser in trade in the long run. B. will still have the absolute advantage in the production of the good. C. should stop trading and become self-sufficient. D. will gain the comparative advantage in the production of another good.