Suppose that voters in your community pass a one-cent sales tax increase to fund education, knowing full well they will have to forgo other goods they typically consume. This primarily addresses the economic question of:
A) How will each good be produced?
B) For whom shall the goods be produced?
C) Why will the resources be used to produce goods?
D) What goods and services should a society produce?
Ans: D) What goods and services should a society produce?
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The effect of trade on specialized employees of exporting industries will be ________ jobs and ________ pay because they are relatively ________
A) more; higher; immobile B) fewer; lower; immobile C) fewer; lower; mobile D) more; lower; immobile E) more; higher; mobile
The returns from productive capital investment are determined by interest rates
Indicate whether the statement is true or false
The largest spender on research and development in the world (in total dollars or dollar equivalents) is
A. the United States. B. Japan. C. China. D. the United Kingdom.
Suppose that, given the same number of workers, the United States can produce five times as many computers or 10 times as many airplanes as Mexico. Which of the following statements is true?
A. The United States has an absolute advantage in the production of computers, and Mexico has an absolute advantage in the production of airplanes. B. The United States has an absolute advantage in the production of both airplanes and computers. C. Mexico has an absolute advantage in the production of both airplanes and computers. D. The United States has an absolute advantage in the production of airplanes, and Mexico has an absolute advantage in the production of computers.