macroeconomics

KATHY IS WILLING TO PAY $5.20 FOR A GALLON OF GAS. THE PRICE OF GASOLINE AT HER LOCAL GAS STATION IS $3.50. IF SHE PURCHASES TEN GALLONS OF GAS, THEN KELLYS CONSUMER SURPLUS IS

$14

DONALD PRODUCES NAILS AT A COST OF $200 PER TON. IF HE SELLS THE NAILS FOR $350 PER TON, HIS PRODUCER SURPLUS PER TON IS

$150

TIM MOWS THE YARD FOR HIS NEIGHBORS. HE SPENDS $1 ON GAS AND CHARGES THEM $20 FOR EACH LAWN HE MOWS. WHAT IS TIM'S GDP EACH TIME TIM MOWS A YARD?

$20

THE PRICE ELASTICITY OF DEMAND MEASURES

BUYERS RESPONSIVNESS TO A CHANGE IN THE PRICE OF A GOOD

WHEN A COUNTRY THAT IMPORTS A PARTICULAR GOOD IMPOSES A TARIFF ON THAT GOOD, CONSUMER SURPLUS AND THE TOTAL SURPLUS THE MARKET FOR THAT GOOD

DECREASES/ DECREASES

CROWDING OUT OCCURS WHEN INVESTMENT DECLINES BECAUSE A BUDGET MAKES INTEREST RATES .

DEFICIT, RISE

FOR AN ECONOMY AS A WHOLE, MUST EQUAL .

INCOME/ EXPENDITURE

A DRUG INTERDICTION PROGRAM THAT SUCCESSFULLY REDUCES THE SUPPLY OF ILLEGAL DRUGS IN THE UNITED STATES LIKELY WILL ? TOTAL REVENUES AND ? CRIME

INCREASE / INCREASE

IF THE DEMAND FOR A PRODUCT INCREASES, THEN WE WOULD EXPECT EQUILIBRIUM PRICE TO AND EQUILIBRIUM QUANTITY TO ?

INCREASE/ INCREASE

SUPPOSE CONSUMERS INCOME INCREASES, IF GRASS SEED IS A NORMAL GOOD, THE EQUILIBRIUM PRICE OF GRASS SEED WILL AND PRODUCER SURPLUS IN THE INDUSTRY WILL ?

INCREASE/ INCREASE

IF MUFFINS AND BAGELS ARE SUBSTITUTES, A HIGHER PRICE FOR BAGELS WOULD RESULT IN AN IN THE DEMAND FOR .

INCREASE/ MUFFINS

A GOOD IS PRODUCED BY A FIRM IN 2009, ADDED TO THE FIRMS INVENTORY IN 2010, AND SOLD TO A HOUSEHOLD IN 2010. AS A RESULT, ON 2009 GDP AND 2010 GDP

INCREASED/ DID NOT CHANGE

THE PRICE PAID BY BUYERS IN A MARKET WILL INCREASE IF THE GOVERNMENT ? IN THAT MARKET

INCREASES A BINDING PRICE CEILING

IF COMPANIES FROM FOREIGN COUNTRIES BUILD AND OPERATE FACTORIES IN CHINA, THEN CHINA'S PRODUCTIVITY AND THE WAGES OF CHINESE WORKERS .

INCREASES, INCREASE

WHEN A COUNTRY' IS ON THE DOWNWARD SLOPING SIDE OF THE LAFFER CURVE, A CUT IN THE TAX TAX REVENUE AND THE DEADWEIGHT LOSS

INCREASES/ DECREASES

WHEN A COUNTRY THAT IMPORTS A PARTICULAR GOOD IMPOSES AN IMPORT QUOTA ON THAT GOOD, PRODUCER SURPLUS AND THE TOTAL SURPLUS IN THE MARKET FOR THAT GOOD.

INCREASES/ DECREASES.

A PERSON WHO TAKES A PRESCRIPTION DRUG TO CONTROL HIGH CHOLESTEROL MOST LIKELY HAS A DEMAND FOR A DRUG THAT IS

INELASTIC

THE SUPPLY OF OIL IS LIKELY TO BE ? IN THE SHORT RUN AND ? IN THE LONG RUN

INELASTIC / ELASTIC

IF A DECREASE IN INCOME INCREASES THE DEMAND FOR A GOOD, THEN THE GOOD IS AN GOOD.

INFERIOR

ABSOLUTE ADVANTAGE IS FOUND BY COMPARING DIFFERENT PRODUCERS'

INPUT REQUIREMENTS PER UNIT OF OUOTPUT

COMPOUNDING REFERS DIRECTLY TO

INTEREST BEING EARNED ON PREVIOUSLY-EARNED INTERST

IF IOWA'S OPPORTUNITY COST OF CORN IS LOWER THAN OKLAHOMA'S OPPORTUNITY COST OF CORN, THEN

IOWA HAS A COMPARATIVE ADVANTAGE IN THE PRODUCTION OF CORN

PROPRIETARY TECHNOLOGY IS TECHNOLOGY THAT

IS KNOWN OR CONTROLLED ONLY BY THE COMPANY THAT DISCOVERED IT

ECONOMISTS GENERALLY AGREE THAT THE MOST IMPORTANT TAX IN THE U.S. ECONOMY IS THE TAX.

LABOR

WHEN THE RELATIVE PRICE OF A GOOD DECREASES, CONSUMERS RESPOND BY BUYING A QUANTITY OF THAT GOOD AND A QUANTITY OF SUBSTITUTES FOR THAT GOOD

LARGER/ SMALLER

ACCORDING TO THE DEFINITIONS OF PRIVATE AND PUBLIC SAVINGS, IF Y, C, AND G REMAINED THE SAME, AN INCREASE IN TAXES WOULD PRIVATE SAVING AND PUBLIC SAVING.

LOWER, RAISE

THE BOND MARKET IS A FINANCIAL AND THE STOCK MARKET IS A FINANCIAL .

MARKET, MARKET

UNEMPLOYMENT NUMBERS REPORTED BY THE BUREAU OF LABOR STATISTICS ARE REPORTED BASED ON A SURVEY OF ABOUT HOUSEHOLDS.

MONTHLY, 60,000

THE CPI IS MONITORED BY .

MONTHLY, BUREAU OF LABOR STATISTICS

WHEN A TAX IS PLACED ON THE BUYERS OF A PRODUCT, BUYERS PAY ? AND SELLERS RECEIVE ?

MORE / LESS

WHEN NEW GOODS ARE INTRODUCED, CONSUMERS HAVE MORE VARIETY FROM WHICH TO CHOOSE. AS A RESULT EACH DOLLAR IS WORTH AND THE END COST OF LIVING .

MORE, DECREASES

WHEN A TAX IS PLACED ON THE BUYERS OF A PRODUCT, BUYERS PAY ? AND SELLER RECEIVES ? THAN THEY DID BEFORE THE TAX.

MORE/ LESS

THE INPUTS INTO PRODUCTION OF GOODS AND SERVICES THAT ARE PROVIDED BY NATURE, SUCH AS LAND, RIVERS , AND MINERAL DEPOSITS ARE CALLED

NATURAL RESOURCES

THE AMOUNT OF UNEMPLOYMENT THAT AN ECONOMY NORMALLY EXPERIENCES IS CALLED THE RATE OF UNEMPLOYMENT.

NATURAL.

IF A PRICE CEILING IS NOT BINDING, THEN THERE WILL BE

NO EFFECT ON THE MARKET PRICE OR QUANTITY SOLD.

A COMPETITIVE MARKET IS A MARKET IN WHICH

NO INDIVIDUAL BUYER OR SELLER HAS ANY SIGNIFICANT IMPACT ON THE MARKET PRICE

THE GDP DEFOLIATOR FOR YEARS SUBSEQUENT TO THE BASE YEAR MEASURES THE CHANGE IN FROM THE BASE YEAR THAT TO A CHANGE IN

NOMINAL GDP/ REAL GDP

THE GDP DEFOLIATOR IS THE RATIO OF TO THE MULTIPLIED BY 100.

NOMINAL GDP/ REAL GDP

UNEMPLOYMENT COMPENSATION IS OF GDP BECAUSE .

NOT PART/ IT IS TRANSFER PAYMENT

THE HIGHER A COUNTRY'S TAX RATE, THE MORE LIKELY THAT COUNTRY WILL BE

ON THE NEGATIVELY SLOPPED PART OF THE LAFFER CURVE

IN A COMPETITIVE MARKET EACH SELLER HAS LIMITED CONTROL OVER THE PRICE OF THEIR PRODUCT BECAUSE

OTHER SELLERS ARE OFFERING SIMILAR PRODUCTS.

BY FAR THE LARGEST CATEGORY OF GOODS AND SERVICES IN THE CPI BASKET IS

HOUSING

AN EXAMPLE OF POSITIVE ANALYSIS IS STUDYING

HOW MARKET FORCES PRODUCE EQUILIBRIUM

A CONSUMERS WILLINGNESS TO PAY DIRECTLY MEASURES

HOW MUCH A BUYER VALUES A GOOD

IF A TAX IS LEVIED ON THE SELLERS OF FLOUR, THEN

BUYERS AND SELLERS WILL SHARE THE BURDEN OF THE TAX

IF A 30 PERCENT CHANGE IN PRICE CAUSES A 15 PERCENT CHANGE IN QUALITY SUPPLIED, THEN THE PRICE ELASTICITY OF SUPPLIED IS ABOUT ? AND SUPPLY IS ?

0.5 / INELASTIC

IF THE CONSUMER PRICE INDEX WAS 100 IN THE BASE YEAR END AND 106 IN THE FOLLOWING YEAR THEN THE INFLATION RATE WAS PERCENT.

6

THIS TERM TAX INCIDENCE REFERS TO

: THE DISTRIBUTION OF THE TAX BURDEN BETWEEN BUYER AND SELLERS

THE PRODUCER PRICE INDEX MEASURES THE COST OF A BASKET OF GOODS AND SERVICES

BOUGHT BY FIRMS

WHICH OF THE FOLLOWING IS AN EXAMPLE OF THE "BRAIN DRAIN"

A COUNTRY'S MOST HIGHLY EDUCATED WORKERS EMIGRATE TO RICH COUNTRIES

AN OUTCOME THAT CAN RESULT FROM EITHER A PRICE CEILING OR A PRICE FLOOR IS

A NONBINDING PRICE CONTROL

WHICH OF THE FOLLOWING BEST ILLUSTRATES MORAL HAZARD?

AFTER A PERSON OBTAINS LIFE INSURANCE, SHE TAKES UP SKYDIVING.

IF AN ALLOCATION OF RESOURCES IS EFFICIENT, THEN

ALL POTENTIAL GAINS FROM TRADE AMONG BUYERS ARE SELLERS ARE BEING REALIZED

CONSUMER SURPLUS IS THE

AMOUNT A CONSUMER IS WILLING TO PAY MINUS THE AMOUNT THE CONSUMER ACTUALLY PAYS

PRODUCER SURPLUS EQUALS THE ? MINUS ?

AMOUNT RECEIVED BY SELLERS/ THE COST TO SELLERS

22. A PRICE CEILING IS BINDING WHEN IT IS SET ? THE EQUILIBRIUM PRICE, CAUSING A ?

BELOW/ SHORTAGE

WELFARE ECONOMICS IS THE STUDY OF

HOW THE ALLOCATION OF RESOURCES AFFECTS ECONOMIC WELL-BEING

THE MIDPOINT METHOD FOR CALCULATING ELASTICITIES IS CONVENIENT IN THAT IT ALLOWS US TO

CALCULATE THE SAME VALUE FOR ELASTICITY, REGARDLESS OF WHETHER THE PRICE INCREASES OR DECREASES.

IN THE LONG RUN, THE QUANTITY SUPPLIED OF MOST GOODS

CAN RESPOND SUBSTANTIALLY TO A CHANGE IN PRICE.

WHEN DESCRIBING THE OPPORTUNITY COST OF TWO PRODUCERS, ECONOMISTS USE THE TERM ADVANTAGE.

COMPARATIVE

YOU BAKE COOKIES. ONE DAY YOU DOUBLE THE TIME YOU SPEND, DOUBLE THE NUMBER OF CHOCOLATE CHIPS, FLOUR, EGGS, AND ALL YOUR OTHER INPUTS, AND BAKE TWICE AS MANY COOKIES. YOUR COOKIE PRODUCTION FUNCTION HAS RETURNS TO SCALE.

CONSTANT

IN THE NATIONAL INCOME ACCOUNTS, DEPRECIATION IS CALLED

CONSUMPTION OF FIXED CAPITOL

THE CONSUMER PRICE INDEX IS USED TO MONITOR CHANGES INT HE

COST OF LIVING OVER TIME

THE PRINCIPLE OF COMPARATIVE ADVANTAGE ASSERTS THAT

COUNTRIES CAN BECOME BETTER OFF BY SPECIALIZING IN WHAT THEY DO BEST.

IF THE NATURAL RATE OF UNEMPLOYMENT IS 5.2 PERCENT AND THE ACTUAL RATE OF UNEMPLOYMENT IS 5.7 PERCENT, THEN BY DEFINITION THERE IS UNEMPLOYMENT AMOUNTING TO 0.5 PERCENT OF THE LABOR FORCE.

CYCLIAL

THE DECREASE IN TOTAL SURPLUS THAT RESULTS FROM A MARKET DISTORTION SUCH AS A TAX IS CALLED A LOSS.

DEADWEIGHT

IF AN INEXPENSIVE ALTERNATIVE TO OIL WERE FOUND, THE PRICE OF OIL ADJUSTED FOR INFLATION WOULD AS THE ALTERNATIVE WOULD REDUCE THE FOR OIL.

DECLINE, DEMAND

IF THE GOVERNMENT REMOVES A TAX ON A GOOD, THEN THE PRICE PAID BY BUYERS WILL ? PRICE RECEIVED BY SELLERS WILL ?

DECREASE / INCREASE

OTHER THINGS THE SAME, AS THE NUMBER OF STOCKS IN A PORTFOLIO RISES, RISK AND THE STANDARD DEVIATION OF THE RETURN .

DECREASES, FALLS

THE DISCOVERY OF A NEW HYBRID WHEAT WOULD INCREASE THE SUPPLY OF WHEAT. AS A RESULT, WHEAT FARMERS WOULD REALIZE AN INCREASE IN TOTAL REVENUE IF THE ? WHEAT IS ?

DEMAND FOR / ELASTIC

A TAX LEVIED ON THE BUYERS OF A GOOD SHIFTS THE CURVE .

DEMAND/ DOWNWARD (OR TO THE LEFT)

THE COMPUTES U.S. GDP EVERY THREE MONTHS

DEPARTMENT OF COMMERCE

THE INFLATION RATE IS CALCULATED BY

DETERMINING THE PERCENTAGE INCREASE IN THE PRICE INDEX FROM THE PRECEDING PERIOD

WHICH OF THE FOLLOWING IS LIKELY TO HAVE THE MOST PRICE ELASTIC DEMAND:

DIAMOND EARINGS

TWO COUNTRIES ARE THE SAME, EXCEPT ONE IS POORER. ASSUMING THE TRADITIONAL ASSUMPTION ABOUT THE PRODUCTION FUNCTION IS MADE, THERE ARE RETURNS TO CAPITAL SO THE POOR COUNTRY GROWS.

DIMINISHING, FASTER

IF AN AMERICAN-BASED FIRM OPENS AND OPERATES A NEW CLOTHING FACTORY IN HOUNDORAS, THEN IT IS ENGAGING IN FOREIGN INVESTMENT.

DIRECT

SUPPOSE THAT AN AMERICAN COMPANY OPENS AND OPERATES A RESTAURANT IN IRELAND. THIS IS AN EXAMPLE OF FOREIGN INVESTMENT AND AMERICAN SAVING USED TO FINANCE INVESTMENT.

DIRECT, IRISH

CASH PAYMENTS THAT COMPANIES MAKE TO SHAREHOLDERS AR ECALLED

DIVIDENDS

A TAX IMPOSED ON THE SELLERS OF A GOOD WILL LOWER THE ? AND ? THE EQUILIBRIUM QUANTITY

EFFECTIVE PRICE RECEIVED BY SELLER / LOWER

A DECREASE IN THE SIZE OF A TAX IS MOST LIKELY TO INCREASE TAX REVENUE IN AMARKET WITH AND SUPPLY

ELASTIC/ ELASTIC

FOR PRICE ABOVE $8, DEMAND IS PRICE IS ?, AND TOTAL REVENUE WILL ? AS PRICE RAISES.

ELASTIC/ FALL

PEOPLE WHO BUY NEWLY ISSUED STOCK IN CORPORATION SUCH AS CRATE AND BARREL PROVIDE FINANCE AND SO BECOME OF CRATE AND BARREL.

EQUITY, PART OWNERS

A STATISTICAL DISCREPANCY

EXISTS BECAUSE DATA SOURCES ARE NOT PERFECT, SO MEASURES OF EXPENDITURES AND INCOME ARE NOT EQUAL

PEOPLE WHO ARE UNEMPLOYED BECAUSE THEY ARE IN SEARCH OF A JOB THAT SUITS THEIR SKILLS ARE INCLUDED WITHIN UNEMPLOYMENT.

FRICTIONAL

TWO ALTERNATIVE MEASURES OF THE OVERALL LEVEL OF PRICES ARE THE AND .

GDP DEFILATOR, CONSUMER PRICE INDEX

RIGHT-TO-WORK LAWS

GIVE WORKERS IN A UNIONIZED FIRM THE RIGHT TO CHOOSE WHETHER TO JOIN THE UNION

GINA A U.S. CITIZEN WORKS ONLY IN BERMUDA. THE VALUE OF GINA'S PRODUCTION IS INCLUDED IN U.S. AND BERMUDA'S .

GNP/ GDP

A TRANSFER PAYMENT IS A PAYMENT MADE BY , BUT NOT IN EXCHANGE FOR .

GOVERNMENT/ A CURRENTLY PRODUCED GOOD OR SERVICE

WHEN ECONOMISTS REFER TO INTANGIBLE ITEMS, THEY ARE REFERRING TO SUCH THINGS AS AND THE VALUE OF SUCH ITEMS IS .

HAIR STYLING AND DENTAL CARE/ INCLUDED IN THE GDP

INDEX FUNDS TYPICALLY HAVE A RATE OF RETURN AND COSTS THAN MANAGED MUTUAL FUNDS.

HIGHER, LOWER

SUPPOSE THE GOVERNMENT CHANGED THE TAX LAWS, WITH THE RESULT THAT PEOPLE WERE ENCOURAGED TO CONSUME MORE AND SAVE LESS. USING THE LOANABLE FUNDS MODEL, A CONSEQUENCE WOULD BE INTEREST RATES AND INVESTMENT.

HIGHER, LOWER

THE FICA TAX IS AN EXAMPLE OF A

PAYROLL TAX

FOR WHICH PAIRS OF GOODS IS THE CROSS-PRICE ELASTICITY MOST LIKELY TO BE POSITIVE:

PENS AND PENCILS

THE PRESENCE OF A PRICE CONTROL IN A MARKET FOR A GOOD OR SERVICE USUALLY IS AN INDICATION THAT

POLICYMAKERS BELIEVED THAT THE PRICE PREVAILED WAS UNFAIR TO BUYERS OR SELLERS

A LEGAL MAXIMUM ON THE PRICE AT WHICH A GOOD CAN BE SOLD IS CALLED A

PRICE CEILING

PATENT TURN NEW IDEAS INTO GOODS, AND THE INCENTIVE TO ENGAGE IN RESEARCH.

PRIVATE, INCREASE

A PROFESSOR SPENDS 10 HOURS PER DAY GIVING LECTURES AND WRITING PAPERS. FOR THE PROFESSOR A GRAPH THAT SHOWS HIS VARIOUS POSSIBLE MIXES OF OUTPUT IS CALLED

PRODUCTION POSSIBILITIES FRONTIER

CONSUMPTION CONSISTS OF SPENDING BY HOUSEHOLDS ON GOODS AND SERVICES, WITH THE EXCEPTION OF

PURCHASES OF NEW HOUSES

IF THE TAX ON A GOOD IS DOUBLED, THE DEADWEIGHT LOSS OF THE TAX

QUADRUPLES

A RECESSION HAS TRADITIONALLY BEEN DEFINED AS A PERIOD DURING WHICH ? GDP DECLINES FOR CONSECUTIVE QUARTERS

REAL/ TWO

WHEN A COUNTRY TAKES A MULTILATERAL APPROACH TO FREE TRADE, IT

REDUCES ITS TRADE RESTRICTIONS WHILE OTHER COUNTRIES DO THE SAME

TOTAL REVENUE

REMAINS UNCHANGED AS PRICE INCREASES WHEN DEMAND IS ELASTIC

THE MARKET SUPPLY CURVE

REPRESENTS THE SUM OF QUANTITIES SUPPLIED BY ALL THE SELLERS AT EACH PRICE OF THE GOOD

WHEN A TAX IS PLACED ON A PRODUCT,THE PRICE PAID BY BUYERS ? AND THE PRICE RECEIVED BY SELLERS ?

RISES/ FALLS

AS AN ALTERNATIVE TO SELLING SHARES OF STOCK AS A MEANS OF RAISING FUNDS, A LARGE COMPANY COULD, INSTEAD

SELL BONDS

THE PRICE ELASTICITY OF SUPPLY MEASURES HOW RESPONSIVE

SELLERS ARE TO A CHANGE IN PRICE

IF A TAX IS LEVIED ON THE BUYERS OF A PRODUCT, THEN THE DEMAND CURVE WILL ?

SHIFT DOWN

A MUNICIPAL BOND IS ISSUED BY

STATE AND LOCAL GOVERNMENTS

IF THE WAGE IS KEPT ABOVE THE EQUILIBRIUM WAGE FOR ANY REASON, THE RESULT IS UNEMPLOYMENT.

STRUCTURAL

A TARIFF IS A

TAX ON AN IMPORTED GOOD

GREATER SCARCITY OF NATURAL RESOURCES IS INDICATED ONLY BY AN INCREASE IN THE PRICE OF RESOURCE

THAT IS GREATER THAN THE RATE OF INFLATION

A COLA AUTOMATICALLY RAISES THE WAGE WHEN INCREASES.

THE CONSUMER PRICE INDEX

CHANGES IN THE PRODUCER PRICE INDEX ARE OFTEN THOUGHT TO BE USEFUL IN PRECEDING CHANGE IN

THE CONSUMER PRICE INDEX

SOCIAL SECURITY PAYMENTS ARE INDEXED FOR INFLATION USING

THE CPI

THE TERM TAX INCIDENCE REFERS TO

THE DISTRIBUTION OF THE TAX BURDEN BETWEEN BUYER AND SELLERS

WORKERS DISPLACED BY TRADE EVENTUALLY FIND JOBS IN

THE INDUSTRIES IN WHICH THE COUNTRY HAS A COMPARATIVE ADVANTAGE

THE AMOUNT OF DEAD-WEIGHT LOSS THAT RESULTS FROM A TAX OF A GIVEN SIZE IS DETERMINED BY

THE PRICE ELASTICITIES OF DEMAND AND SUPPLY

THE LAW OF SUPPLY AND DEMAND ASSERTS THAT

THE PRICE OF A GOOD WILL EVENTUALLY RISE IN RESPONSE TO AN EXCESS DEMAND FOR THE GOOD

WHICH OF THE FOLLOWING ITEMS IS THE ONE TYPE OF HOUSEHOLD EXPENDITURE THAT IS CATEGORIZED AS INVESTMENT RATHER THAN CONSUMER

THE PURCHASE OF A NEW HOUSE

A PRODUCTION POSSIBILITIES FRONTIER IS BOWED OUTWARD WHEN

THE RATE OF TRADE OFF BETWEEN THE TWO GOODS BEING PRODUCED DEPENDS ON HOW MUCH EACH GOODS IS BEING PRODUCED

THE LAFFER CURVE RELATES

THE TAX RATE TO TAX REVENUE RAISED BY THE TAX

WHICH OF THE FOLLOWING IS AN EXAMPLE OF HUMAN CAPITAL

THE THINGS YOU HAVE LEARNED THIS SEMESTER

IF A COUNTRY IS AN EXPORTER OF A GOOD, THEN IT MUST BE THE CASE THAT

THE WORLD PRICE IS GREATER THAN IT'S DOMESTIC PRICE

IF AN ALLOCATION OF RESOURCES IS EFFICIENT

THEN ALL POTENTIAL GAINS FROM TRADE AMONG BUYERS ARE SELLERS ARE BEING REALIZED

POLICYMAKERS USE TAXES

TO RAISE REVENUE FOR PUBLIC PURPOSES AND TO INFLUENCE MARKET OUTCOMES

TRAVIS CAN MOW A LAWN IN TWO HOURS, OR HE CAN TRIM A TREE IN ONE HOUR. RICARDO CAN MOW A LAWN IN THREE HOURS OR HA CAN TRIM A TREE IN TWO HOURS.

TRAVIS HAS AN ABSOLUTE ADVANTAGE OVER RICARDO IN TRIMMING TREES.

THE TWO BASIC APPROACHES THAT A COUNTRY CAN TAKE AS A MEANS TO ACHIEVE FREE TRADE ARE THE APPROACH AND THE APPROACH

UNILATERAL/ MULTILATTERAL

RECENT CHANGES IN METHODS USED TO COMPUTE THE CPI HAVE MADE THE BIAS IN THE CPI INFLATION RATE SEVERE THAN IT USED TO BE.

UPWARD, LESS

THE EARNED INCOME TAX CREDIT IS AN EXAMPLE OF A

WAGE SUBSIDY

THE MARGINAL SELLER IS THE SELLER

WHO WOULD LEAVE THE MARKET FIRST IF THE PRICE WERE ANY LOWER

WHEN OPEC RAISED THE PRICE OF CRUDE OIL IN THE 1970s, IT CAUSED THE ? GASOLINE TO ?

supply of, decrease