The government inflates the demand for farm products
A. With price supports.
B. Through marketing orders.
C. Through acreage set-asides.
D. By purchasing surplus crops.
Answer: D
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Absolute advantage is
A) the ability to produce a good or service at a higher opportunity cost than one's competitors. B) the ability to produce more of a good or service than competitors that have fewer resources. C) the ability to produce more of a good or service than competitors when using the same amount of resources. D) the ability to produce higher quality goods compared to one's competitors.
Classical economists and modern monetarists agree that the best way to examine the economy is through the use of
A) aggregate supply and demand. B) the multiplier. C) the quantity theory. D) the GNP account.
Personal income minus direct taxes is
a. disposable personal income b. net national income c. proprietors' income d. indirect business taxes e. savings income
Unemployment normally arises when:
A) labor markets are frictionless. B) wages are above the market clearing wage level. C) wages are below the market clearing wage level. D) wages are equal to market clearing wage level.