The insight that patterns of trade are primarily determined by international differences in labor productivity was first proposed by
A) Adam Smith.
B) David Hume.
C) David Ricardo.
D) Eli Heckscher.
E) Lerner and Samuelson.
A
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The optimal searcher is likely to not even attempt to secure perfect information even if it is possible to achieve it
a. True b. False
One way to measure national debt over time is debt relative to:
a. the cash flow of the banking system. b. the economy's production and income. c. credit sales of consumer durables over a year. d. national home sales in large cities.
Assuming a long-run aggregate supply curve, a decrease in government spending results in ________ in output and ________ in price level.
A. no change; an increase B. no change; a decrease C. a decrease; a decrease D. an increase; no change
OLED television prices rise by 10 percent, and in response the quantity of those OLED televisions supplied increases by 5 percent. The supply elasticity for OLED television sets in that price range is
A. 2.0. B. 0.5. C. -2.0. D. 1.5.