Which of the following should be used to compare the incomes of countries with equal population but different unemployment rates?
A) Gross national product
B) PPP-based measure of income per capita
C) Income per worker
D) Exchange rate-based measure of income per capita
C
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With regard to the Navigation Acts (1651 and later amendments), all of the following answers are true except
(a) No commodities originating from the Empire were to be shipped in any but British (including colonial) ships. (b) No commodities imported into the Empire were to be carried in any but British ships. (c) Only British subjects were allowed to be merchants in the colonies, and only British ships were to carry commodities from one English port to another. (d) There is no "except"; all of the above answers are true.
Adam Smith's basic economic philosophy stated in The Wealth of Nations can be stated as:
a. laissez faire. b. allow to act. c. the least government is best. d. all of these.
The function of an entrepreneur is to: a. bear business risks
b. organize the other factors of production. c. innovate. d. do all of the above.
When beneficial externalities are present in a market, the actual output will be
A. greater than the optimal output. B. smaller than the optimal output. C. equal to the optimal output. D. either smaller or greater than the optimal output.