Refer to the information provided in Table 33.4 below to answer the question(s) that follow.
Table 33.4GermanyChileBeerWineBeerWine(cases)(cases)(cases)(cases)75030 060152412453018 24304512 361560 6 48075 0 60 Refer to Table 33.4. Germany has
A. an absolute advantage in wine production.
B. an absolute advantage in beer production.
C. a comparative advantage in beer production.
D. all of the above.
Answer: D
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A) supply; supply B) supply; demand C) demand; supply D) demand; demand
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A) $13,500. B) $11,500. C) $2,000. D) $500.
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b. The price level (CPI). c. The level of nominal wages and salaries. d. All of the above.
Using anti-trust law to break up a monopoly
a. will increase economic efficiency b. makes sense if the market would function well under competitive conditions c. makes sense if the monopoly resulted from network externalities d. makes sense if the monopoly resulted from a patent or copyright e. would increase producer surplus