An implication of scarcity is that:
A. some people will always be poor.
B. people must make trade-offs.
C. making trade-offs becomes unnecessary as wealth increases.
D. people will never be happy.
Answer: B
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As it relates to migration, self-selection is most likely to apply to:
A. Highly-skilled immigrants B. Low-skilled immigrants C. Highly-skilled domestic workers D. Low-skilled domestic workers
As a result of importing a good, domestic producers ________ the quantity produced and the price of the good ________
A) increase; falls B) increase; rises C) decrease; falls D) decrease; rises E) decrease; does not change
When the government decides to add a fighter aircraft to national security, it
a. builds it in its own defense factories b. commandeers the resources (labor, capital) and uses them to build the plane c. must go to the Fed for the money to buy the aircraft since the Fed is the agency that creates money d. taxes its people and pays an aircraft company to make a plane e. taxes Boeing to produce the Boeing aircraft
Assume the exchange rate is fixed. Using the IS-LM model, graphically illustrate and explain what effect an increase in consumer confidence will have on the domestic economy. In your graphs, clearly label all curves and equilibria
What will be an ideal response?