Refer to the accompanying table. According to the table, Pat has the absolute advantage in: Pizzas Made Per HourPizzas Delivered Per HourCorey126Pat1015
A. making pizza.
B. delivering pizza.
C. neither making nor delivering pizza.
D. making and delivering pizza.
Answer: B
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An orthodox model calls for cutting government spending, reforming the tax system to increase compliance and revenues, and limiting the creation of new money
Indicate whether the statement is true or false
If the federal budget is initially balanced and government expenditures remain constant, then an increase in GDP will _________ tax revenues and create a budget _________.
A) increase tax revenues and create a budget surplus. B) increase tax revenues and create a budget deficit. C) decrease tax revenues and create a budget surplus. D) decrease tax revenues and create a budget deficit.
Beginning from the full-employment level of real GDP, an increase in one of the components of the aggregate demand curve will increase the:
A. average level of prices (CPI). B. unemployment rate. C. natural level of real GDP. D. level of investment spending.
Describe the shape of the typical production possibilities curve and explain why it has this shape.
What will be an ideal response?