The PPF of a country will be skewed toward the good that:
A. uses its scarce factor intensively.
B. uses its abundant factor intensively.
C. uses its intensive factor abundantly.
D. does not use its intensive factor abundantly.
Ans: B. uses its abundant factor intensively.
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Those who favor active policy making argue that all of the following exist EXCEPT
A) perfectly flexible wages and prices. B) inflation and unemployment are stable in the short run and predictable in the long run. C) pure competition is not typical. D) aggregate demand shocks can influence real GDP and unemployment.
The late business historian Alfred Chandler blamed Britain's competitive difficulties in the early twentieth century on:
a. the structure of the firms. b. the removal of trade barriers. c. the lack of innovation. d. inefficient transfer of information within firms.