How do your authors explain the vast differences between the growth rates of the United States and India?
A) The tremendous degree of central planning in the United States
B) Exploitation of the poorer nation by the richer nation
C) The problems of central planning in India
D) The lack of central planning in India
E) The strength of the union movement in the United States
C
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If a CEO can type faster than her secretary, then
A) the CEO has a comparative advantage in typing. B) the CEO has neither a comparative advantage in typing, nor in management. C) the CEO should still continue performing CEO duties since the CEO has a comparative advantage in management, and the secretary should continue typing. D) the CEO should still continue performing CEO duties as well as typing since he has a comparative advantage in both management, and typing.
When the Federal Reserve System was first established, which of the following was its chief responsibility?
a. Keeping the inflation rate low and stable b. Ensuring the stability of the banking system c. Achieving full employment of the labor force d. Keeping the interest rate low and stable e. Keeping output growth high and stable