Over the past century, the main factor responsible for rising living standards in the United States has been productivity growth.
Answer the following statement true (T) or false (F)
True
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What is meant by the expected rate of return?
What will be an ideal response?
According to the quantity theory of money, a 10 percent increase in the money supply leads to a 10 percent increase in:
a. velocity. b. unemployment. c. the price level. d. real GDP.
Specialization increases total world output.
Answer the following statement true (T) or false (F)
If individual X has comparative advantage in painting and individual Y has comparative advantage in carpentry, then
A) individual X must use fewer hours to paint a fence than individual Y. B) individual Y will specialize in painting. C) there is a lower opportunity cost (expressed in units of carpentry) for individual X to paint than for individual Y to paint. D) specialization will not occur, since each does not have a clear absolute advantage.