When there are two people and each is capable of producing two goods, it is possible for one person to have a comparative advantage over the other in both goods
a. True
b. False
Indicate whether the statement is true or false
False
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If demand increases and supply decreases, what is the effect on equilibrium price and equilibrium quantity?
A) The price falls and the quantity might increase, decrease, or remain the same. B) The price rises and the quantity might increase, decrease or remain the same. C) The quantity decreases and the price might rise, fall, or remain the same. D) The quantity increases and the price might rise, fall, or remain the same.
If a union cannot increase the demand for union labor, then an increase in union wages will result in a decrease in union employment
Indicate whether the statement is true or false
The colonial production of ________ led to transfer of water control knowledge from England to America
a. tobacco b. rice c. indigo d. cotton
An inferior good or service is any good or service for which an increase in income causes a decrease in demand
a. True b. False Indicate whether the statement is true or false