Refer to Table 2-11. South Korea has a comparative advantage in the production of
A) digital cameras. B) wheat. C) both products. D) neither product.
A
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Refer to Table 2-10. What is Fred's opportunity cost of making a pogo stick?
A) 6/7 of a pogo stick B) 1/2 of a unicycle C) 1/3 of a unicycle D) 3 unicycles
If tax revenues equal 25 percent of total output and government expenditures equal 20 percent of total output, then there is a:
A. trade surplus. B. government budget surplus. C. trade deficit. D. government budget deficit.
Which of the following was one of Marx's predictions?
A. Competition among capitalists would benefit workers. B. Firms would become larger and larger. C. Capitalism in its pure form was benevolent. D. Capitalism would evolve into feudalism.
When a corporation uses profits to pay for the purchase of new capital equipment, this is known as
A. dividend. B. a coupon payment. C. reinvestment. D. collusion.