Which of the following is true about the combination of televisions and smartphones represented by point F in Figure 1.4?
A. Point F is unattainable even with advances in technology.
B. Point F will be more easily attainable if the government takes control of all privately run factories.
C. Point F is inefficient now.
D. Point F can possibly be reached if more economic resources become available or technology improves.
Answer: D
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If country A exports good X to country B and country B exports good Y to country A, it is most likely that
A) A has an absolute advantage in the production of good X. B) B has a comparative advantage in the production of good Y. C) the opportunity cost of domestic production of good Y for country A is lowered with trade. D) B is producing less of good Y than in the no-trade case.
Which of the following is considered expansionary fiscal policy?
A) Congress decreases the income tax rate. B) Congress increases defense spending. C) Legislation increases a college tuition deduction from federal income taxes. D) The Arizona legislature cuts highway spending to balance its budget.