Who was the economist who first analyzed the advantages of specialization and the division of labor?
A) Adam Smith B) Ronald Coase C) Arthur C. Pigou D) David Ricardo
A
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When the government runs a budget deficit, we would expect to see that
A) public saving is positive. B) private saving will fall. C) G + TR < T. D) investment will fall.
The ability of a country to produce a specific good at a lower opportunity cost than its trading partners is known as
A. The human advantage. B. Absolute advantage. C. The inequality trap. D. Comparative advantage.
Which of the following is NOT a possible solution to the problem of pollution?
A) subsidizing the costs of production of activities that generate pollution B) converting a resource that is communally owned into a privately owned resource C) regulating the quantity of pollution that can be generated D) imposing a pollution tax on producers
If consumers decide to be more frugal and save more out of their income, then this will cause
A) a shift in the supply curve for loanable funds to the right. B) a shift in the supply curve for loanable funds to the left. C) a movement to the right along the supply curve for loanable funds. D) a movement to the left along the supply curve for loanable funds.