Suppose Japan has a comparative advantage over Canada in the production of DVDs. This means that Japan:
a. needs fewer resources to produce DVDS than does Canada.
b. has better technology for producing DVDs than does Canada.
c. has a lower opportunity cost of DVD production than does Canada.
d. can produce more DVDs in a given period of time than can Canada.
c
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Who determines the price and quantity traded in a market?
A. buyers and sellers B. buyers C. sellers D. prices and quantities traded are not generally determined in markets
As measured, GDP omits which of the following? i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services
A) i only B) i and ii C) ii and iii D) i and iii E) i, ii, and iii
Using the above figure, the efficient amount of paper produced is
A) 60 million tons. B) 80 million tons. C) 100 million tons. D) 120 million tons.
Which of the following is NOT a predictable result of a price ceiling set below the market clearing? price?
A) an illegal market in the good
B) excess quantity supplied
C) excess quantity demanded
D) lines to purchase the product