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