A person who has an absolute advantage in the production of all goods will
A) also have a comparative advantage in the production of all goods.
B) not be able to gain from specialization and exchange.
C) have a production possibilities frontier with a constant slope.
D) have a comparative advantage in the production of some goods but not in the production of others.
D
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Financial markets and financial intermediaries comprise the financial system
Indicate whether the statement is true or false
Other things being equal, an increase in labor productivity will shift the labor supply curve to the right
a. True b. False Indicate whether the statement is true or false
John loves to travel. He would never turn down the opportunity to go on a trip. This means that, for John:
A. the total utility of travel always increases. B. marginal utility of travel never decreases. C. the law of diminishing marginal utility does not apply to travel. D. marginal utility of travel is always zero.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.