People often choose to specialize and trade because:
A. it will allow them to enjoy more goods than they can create on their own.
B. they can consume a bundle of goods on their production possibilities frontier.
C. it always allows them to produce at a point beyond their own production possibilities frontier.
D. they can take advantage of another nation’s poor choices.
A. it will allow them to enjoy more goods than they can create on their own.
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At the current level of output, the marginal social benefit of pizza exceeds the marginal social cost of pizza. Compared to the allocatively efficient quantity, we are producing too ________ pizza and too ________ of other goods
A) much; little B) much; much C) little; little D) little; much
Within the simple Keynesian model with lump-sum taxes, if the MPC (b) were 0.75 then if taxes rise by $200 then income
a. rises by $800. b. falls by $200. c. falls by $800. d. rises by $200. e. falls by $800.