Refer to Figure 1A.2. If this consumer rents zero DVDs, how many movie tickets will she purchase?
A. 0
B. 5
C. 10
D. 15
Answer: D
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Let us define the real wage as the purchasing power of one hour of labor. In the Ricardian 2X2 model, if two countries under autarky engage in trade then
A) the real wage will not be affected since this is a financial variable. B) the real wage will increase only if a country attains full specialization. C) the real wage will increase in one country only if it decreases in the other. D) the real wage will rise in both countries. E) the real wage will fall under pressure of international competition.
The basic difference between macroeconomics and microeconomics is that
a. macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents). b. macroeconomics is concerned with policy decisions, while microeconomics applies only to theory. c. microeconomics is concerned with the forest (aggregate markets), while macroeconomics is concerned with the trees (subcomponents). d. opportunity cost is applicable to macroeconomics, and the fallacy of composition relates to microeconomics.
Over the past two decades the U.S. has persistently had trade deficits
a. True b. False Indicate whether the statement is true or false
Monopoly power ________ guarantee a profit for a producer because ________ may be too low for the product.
Fill in the blank(s) with the appropriate word(s).