We might predict that Hawaii has a comparative advantage compared to Russia in the production of pineapples because Hawaii has:
A. a climate more suitable for pineapples.
B. more advanced farming technology.
C. more land available to grow them on.
D. less governmental oversight in the pineapple industry.
Answer: A
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The income-expenditure model focuses on changes in price levels
Indicate whether the statement is true or false
Privatization of government agencies:
A. has rarely occurred since the 1890s. B. has become less popular since the 1980s. C. has become more popular since the 1980s. D. happens more frequently during recessions.
Regardless of the index we use:
A. inflation is measured as a percent increase in the index from one year to the next. B. we get the same measurements for inflation, so each is equally useful. C. the measurement of inflation is the same, so we use the one easiest to calculate. D. we should get an accurate picture of how all consumer goods and services prices changed from year to year.
Scarcity means
a. unlimited wants and unlimited available resources. b. unlimited wants and limited available resources. c. limited wants and limited available resources. d. limited wants and unlimited available resources.