For two individuals who engage in the same two productive activities, it is impossible for one of the two individuals to
a. have a comparative advantage in both activities.
b. have an absolute advantage in both activities.
c. be more productive per unit of time in both activities.
d. gain from trade with each other.
a
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If there is an increase in the amount of currency held outside banks, then the
A) quantity of money and the monetary base will decrease. B) monetary base will decrease. C) quantity of money will increase. D) quantity of money will not change. E) quantity of money will decrease.
The short-run supply curve for a perfectly competitive firm is that part of the firm's marginal cost curve that lies above the minimum point of its average variable cost curve
Indicate whether the statement is true or false
Refer to Scenario 10.3. The marginal cost of red herrings is given as: MC = 0.6Q. What is the profit-maximizing level of output?
A) 0 B) 25 C) 50 D) 60 E) 125
Though wages under bilateral monopoly are logically indeterminate, some wage rate is actually established in such market situations. Explain those economic and noneconomic factors that might be pertinent to the establishment of this wage
What will be an ideal response?