Refer to the accompanying figure. If Pat and Chris were to specialize in the task in which each has a comparative advantage:
A. both Pat and Chris would plant bulbs because they both have an absolute advantage in that task.
B. Pat and Chris would each spend half of their time each task.
C. Chris would remove trash and Pat would plant bulbs.
D. Chris would plant bulbs and Pat would remove trash.
Answer: C
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Which of the following is an example of human capital?
A) a computer B) a college education C) a factory building D) a software program
Spending VCU4 on real-world goods and services causes the nation's:
a. Demand for real goods and services to rise and monetary base to remain the same. b. Demand for real goods and services to fall and M2 money supply to fall. c. Demand for real goods and services to remain the same and M2 money multiplier to fall. d. Demand for real goods and services to remain the same and M2 money supply to remain the same.
Demand for a good is said to be inelastic if the quantity demanded increases slightly when the price falls by a large amount.
a. True
b. False
Indicate whether the statement is true or false
If the price of hot dogs increases, the demand for hot dog buns will
A) increase. B) decrease. C) remain constant. D) shift to the right.