A human resource such as ingenuity can be thought of as
A) part of government spending programs. B) part of a country's endowment.
C) a causal factor for aggregate supply shifting left. D) a positive for imports.
B
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Which of the following statements regarding the requirement that a firm be granted a license to operate in a particular market is false?
A) Advocates of licensing maintain that the practice is necessary to maintain quality of service. B) One of the economic effects of a license requirement is to constrain the available supply of the affected good or service. C) The requirement that they be licensed ensures that the affected firms will be able to earn a positive economic profit. D) Relaxing certain licensing requirements should increase the supply of the affected good or service.
According to classical economists, the government should increase government purchases when
A) the benefits of the spending exceed the costs. B) the economy is in a recession. C) the economy is likely to go into a recession in the next six months to a year. D) inflation is lower than its targeted level.