Related to the Economics in Practice on p. 418: John Steinbeck's The Grapes of Wrath is set in the early 1930s, a period in U.S. history most noted for
A. the Great Depression.
B. World War I.
C. rapid economic expansion.
D. hyperinflation.
Answer: A
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The effect of trade on income distribution
A) can be significant in the sort run. B) is positive for all segments of an economy. C) is insignificant in the short run. D) implies that there are no real gains from trade. E) refutes the model of comparative advantage.
Patrice owns a travel agency. Her accountant most likely includes which of the following costs on her financial statements?
a. wages Patrice could earn giving tennis lessons b. dividends Patrice's money was earning in the stock market before Patrice sold her stock and leased the space for her travel agency c. the cost of utilities for operating the storefront d. Both b and c are correct.