The goals of the principal participants in the economy are to maximize:
A.) Income for consumers, profits for business, and taxes for government.
B.) Goods and services for consumers, scarce resources for businesses, and money for government.
C.) Happiness for consumers, profits for businesses, and general welfare for government.
D.) Goods and services for consumers, scarce resources for businesses, and general welfare for government.
C.) Happiness for consumers, profits for businesses, and general welfare for government.
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The reversal of fortune can be primarily attributed to:
A) the religious practices in a nation. B) the type of institutions in a nation. C) geography of a nations. D) the type of culture in a nation.
According to the Heckscher-Ohlin (HO) model the source of comparative advantage is a country's
A) technology. B) advertising. C) factor endowments. D) Both A and C.
A rightward shift of a supply curve
a. represents a decrease in supply b. might be caused by an increase in demand c. might be caused by a price ceiling d. would cause an excess quantity supplied at the previous equilibrium price e. might be caused by a decrease in demand
According to the Heckscher-Ohlin theory, comparative advantage is based on:
a. labor productivity differences. b. product life cycles. c. the availability of skilled resources. d. consumer tastes and preferences. e. the relative abundance of the factors of production.