Adam Smith said to never attempt to make at home what it will cost more to make than to ____________.
Fill in the blank(s) with the appropriate word(s).
buy
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If there is no Ricardo-Barro effect, an increase in the government budget surplus will
A) lower the real interest rate. B) decrease the demand for loanable funds. C) raise the real interest rate. D) decrease the supply of loanable funds. E) not change the demand for loanable funds, the supply of loanable funds, or the real interest rate.
If an import quota is imposed on imports of shrimp into the United States, U.S. consumers ________ and the U.S. economy will ________
A) gain; lose B) gain; be unaffected C) gain; gain D) lose; lose E) lose; gain
In the context of production possibilities curve analysis, the purpose of a state-supported terrorist attack is to
a. destroy as many resources as possible of a targeted nation in order to enhance its own security. b. shift the curve inward of the targeted nation by undermining its confidence to defend itself c. shift the targeted nation's possibilities curve to the right in order to increase the opportunity cost of making a first striker d. eliminate the targeted nation's ability to counterattack in case of war e. force the targeted population to decrease its own security expenditures
The fundamental goal of economics is to
a. allow everyone to have five yachts and two automobiles. b. redistribute income and eliminate poverty. c. reduce unemployment so that lower welfare payments are necessary. d. learn to cope with the scarcity of virtually all resources.