U.S. labor productivity had slowed down in the 1970s and 1980s, but recent data shows that labor productivity has once again increased in the country
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Table 7-5
a. Which person has an absolute advantage in the production of pens? Pencils? b. Which person has a comparative advantage in the production of pens? c. Which person has a comparative advantage in the production of pencils?
Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2. Market demand is Q = 600,000 – 100p. Derive the short-run equilibrium Q, q, and p. Does the typical firm earn a short-run profit?
What will be an ideal response?
Term limits on political offices have all of the following properties except:
A. prevent officials from holding office for longer than a certain amount of time. B. discourage corruption by ensuring that one person isn't allowed to hold onto power for too long. C. can encourage corruption in reality by placing an official in power with no incentive to answer to his constituency. D. encourage people to run for multiple different political offices.
An increase in the budget surplus
a. raises net exports and domestic investment. b. raises net exports and reduces domestic investment. c. reduces net exports and raises domestic investment. d. reduces net exports and domestic investment.