A country has a comparative advantage over another in the production of gadgets if it can produce
A. more gadgets than can the other country.
B. more gadgets than can any other country.
C. gadgets more efficiently than it can produce any other good.
D. gadgets at lower opportunity cost than can the other country.
Answer: D
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
The United States health care reforms listed in the PPACA will lead to __________.
increased economic efficiency in delivering health care services
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greater government involvement in the health care system
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market-based solutions to control rising health care spending
- I DON'T KNOW YET
Utility is:
A. a quantitative measure of consumers’ preferences. B. an objective measure of a person’s happiness. C. as difficult to measure as an individual's income level. D. a meaningful number measuring a consumer’s precise level of satisfaction.
The so-called Great Recession in the U.S.:
A. Is another name for the Great Depression B. Was the worst economic downturn since the Great Depression C. Was triggered by oil-supply shocks D. Was caused by a sharp increase in the value of the U.S. dollar