If nation A has an absolute advantage over nation B in the production of a product, this implies that
a. it requires fewer resources in A to produce the good than in B.
b. the cost of producing the good in terms of some other good's production that must be sacrificed is lower in A than in B.
c. nation B could not benefit by engaging in trade with A.
d. nation A should acquire this product by trading with B.
e. nation A could not benefit by engaging in trade with B.
A
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Use the following information to answer the next question.The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month but still has not gotten a job offer.George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve.Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the Federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in
her aircraft design skills.Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year but was unsuccessful and quit looking for work. Which individual is frictionally unemployed? A. Mollie B. Ricardo C. Jeanette D. George
The research document given to the Federal Open Market Committee that contains information on the state of the economy in each Federal Reserve district is called the
A) beige book. B) green book. C) blue book. D) black book.
Central planning is an efficient method for making coordination decisions.
Answer the following statement true (T) or false (F)
The problem of overfishing in waters that are commonly owned can be solved by
A. subsidizing fishing. B. the use of the Coase Theorem. C. establishing property rights for fishing in the waters. D. allowing the market to ration fish.