What are key economic variables that economists use to predict a new phase of a business cycle referred to as?
(A) Economic growth
(B) A recession
(C) A contraction
(D) Leading indicators
Answer: (D) Leading indicators
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In a circular-flow diagram, the total value of ________ equals the total value of ________
A) spending on goods and services; income B) GDP; GNP C) capital; labor D) exports; imports
Suppose N consumers each have an identical demand curve for a good is given by Q = a - bp, where Q is the quantity demanded, p is the price, and a and b are positive constants
What is the market demand curve? Is the slope (in price) of the market demand greater or less than the slope of each individual demand curve?
In terms of improving the standard of living of the poor, one drawback on the earned income tax credit (EITC) is that:
A. it provides no benefits to people who are unemployed. B. it's only available to individuals whose incomes are above a certain threshold. C. it provides workers with in-kind transfers. D. it gives firms a strong incentive to lay off low-wage workers.
Which of the following is TRUE about comparative advantage?
A. Comparative advantage has nothing to do with trade among nations; it only is concerned with specialization within a firm. B. Comparative advantage explains trade within nations, but not among nations. C. Comparative advantage explains trade among nations, but not within nations. D. Comparative advantage explains trade within nations and among nations.