An example of a(n) ________ comparative advantage is that some U.S. consumers prefer German beer over American beer because German beer has a reputation for tasting better.
A. acquired
B. natural
C. subsidized
D. unwarranted
Answer: A
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Consider the following statements when answering this question I. It is impossible to shift taxes from producers to consumers without hurting the latter. II. Only polluters pay (through production taxes) for the environmental damage they cause
A) I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) I and II are false.
When marginal product is negative, the slope of the total product curve must be negative
a. True b. False
An increase in the required reserve ratio by the Federal Reserve would:
a. cause M1 to contract. b. cause M1 to expand. c. have no effect on M1 or M2. d. affect only M2, not M1.
In the short-run Keynesian model where the marginal propensity to consume is 0.75, to offset a recessionary gap resulting from a $1 billion decrease in autonomous consumption, transfers must be:
A. decreased by $1 billion. B. increased by $1.33 billion. C. decreased by $1.33 billion. D. increased by $1 billion.