The question "Should children receive free lunch at school?" is an example of which fundamental economic question?
A. The What to Produce question.
B. The Why to Produce question.
C. The How to Produce question.
D. The For Whom to Produce question.
Answer: D
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Which of the following individuals will undertake extensive research before making their choice?
a. A person planning to buy a new house b. A homemaker purchasing daily groceries c. A person searching for a present before attending a birthday party d. A student buying academic books as recommended by the faculty
Which of the following would be included in the GDP Price Index but not in the Consumer Price Index?
a. The price of a Chrysler automobile b. The price of a fighter aircraft c. The price of a used computer d. The price of a tube of toothpaste e. The price of a bottle of shampoo
If an economy's exports are $560 billion and its net exports are -$130 billion, its imports are
A) $690 billion. B) $430 billion. C) -$430 billion. D) -$690 billion.
If the U.S. enjoys an absolute advantage in agriculture compared to every other country in the world, then
A. agricultural production will take place only in the U.S. B. the U.S. necessarily has a comparative advantage in agriculture. C. the U.S. may or may not have a comparative advantage in agriculture. D. the U.S. necessarily does not have a comparative advantage in agriculture.