Refer to the table above. Laborland has a(n) ________ advantage in ________ shoes
A) comparative; stitching B) absolute; designing
C) absolute; stitching D) comparative; both designing and stitching
A
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Significant economic growth did not begin in the world until
A) 1000 A.D. B) 1750 A.D. C) 1820 A.D. D) the 20th century A.D.
If the Federal Reserve conducts open market ________, the money supply ________, shifting the LM curve to the right, everything else held constant
A) purchases; decreases B) sales; decreases C) purchases; increases D) sales; increases
A competitive equilibrium fails to be a Pareto Optimum with a distorting tax because
A) the consumer's budget constraint has an additional kink. B) the firm is no longer maximizing profits. C) the government wastes its revenue. D) the consumer faces a different effective wage than the firm.
Using supply and demand analysis, explain why there is sometimes a surplus of seats to watch a television show being taped and other times there is a shortage of such seats. Assume that tickets to view the taping of a television show are free of charge