Refer to Table 2-11. If the two countries specialize and trade, who should export wheat?
A) South Korea
B) There is no basis for trade between the two countries.
C) China
D) They should both be exporting wheat.
C
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Most surveyed economists support Fogel and Engerman's (1974) position that plantation owners were largely rational and treated slaves in their best profit interest
Indicate whether the statement is true or false
Charles Murray points out that
A. despite substantial increases in the money that the federal government spent on antipoverty programs between 1968 and 1980, the poverty rate remained exactly the same. B. although federal spending on antipoverty programs fell substantially between 1968 and 1980, the poverty rate remained exactly the same. C. the only way to substantially reduce the welfare rolls is to enroll all the poor in job training programs that lead to well-paying jobs. D. despite the rising number of poor people in recent years, the federal antipoverty programs have been successful.
Which of the following statements is true?
A. The Federal Reserve sets the federal funds rate. B. The Federal Reserve sets the target for the federal funds rate, and then uses the reserve ratio to push banks toward that target. C. The Federal Reserve does not set the federal funds rate, but it influences it through the use of its open-market operations. D. The Federal Reserve will set a higher target for the federal funds rate if pursuing an expansionary monetary policy.
________ cost refers to the full economic costs of production.
A. Total B. Total variable C. Average variable D. Marginal