Select the term: To sell a state-run firm to individuals
a. standard of living
b. privatize
c. economic system
d. self-interest
e. factor payments
Ans: b. privatize
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Refer to Mexico and Japan. Can trade in food and cloth benefit Mexico and Japan?
a. It cannot benefit Japan, because Japan cannot successfully compete with Mexico.
b. It cannot benefit Mexico, because Japan is too small to be an effective trading partner.
c. It can benefit both only if the people in Mexico and Japan have different tastes.
d. It can benefit both if Mexico specializes in food and Japan specializes in cloth.
When analyzing graphically the relationship between more than two variables, which of the following must be used?
A) the assumption that only relevant factors change B) positive slope assumption C) assumption of little change D) negative slope assumption E) ceteris paribus
The full-employment level of GDP is
A) endowments. B) long-run aggregate demand. C) long-run aggregate supply. D) economic growth.
If an economy produces 2,000 units of output with a price level of $2 and the money supply (M) is $1,000, velocity is:
A. 1. B. 2. C. 4. D. 500.