In the following table, the United States has a comparative advantage in producing
| COUNTRY | POTATOES | WHEAT |
| United States | 4 | 2 |
| Ireland | 3 | 1 |
wheat
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A monopolist who is unable to price discriminate: a. will never produce in the output range where marginal revenue is positive. b. will never produce in the output range where marginal revenue is negative. c. will never produce in the output range where demand is inelastic
d. will be characterized by both (b) and (c).
The 2008-2009 recession began as oil prices increased, and then was followed by a negative demand shock
a. True b. False
New technological advancements, such as robots are
a. harmful because they put people out of work. b. harmful because robots are likely to have electrical problems which could cause injuries to people. c. both a and c above. d. helpful because they improve worker productivity.
Exhibit 12-1 Income for two persons NameIncome Elaine$100,000 Daniel$ 40,000 In Exhibit 12-1, if the income tax system is proportional, then:
A. Elaine and Daniel will face the same tax rate and will have tax bills the same size. B. Elaine and Daniel will face the same tax rate but Elaine's tax bill will be larger. C. Elaine will face a higher tax rate and will have a larger tax bill than Daniel. D. Elaine will face a lower tax rate and will have a smaller tax bill than Daniel.