Which term describes the situation in which a country that can consume more than it can produce as a result of specialization and trade?
a. comparative advantage
b. absolute advantage
c. gain from trade
d. trade advantage
c. gain from trade
The situation in which a country that can consume more than it can produce as a result of specialization and trade is called gain from trade.
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According to the Bureau of Labor Statistics, most U.S. adults are either
A) employed or unemployed. B) employed or not in the labor force. C) unemployed or not in the labor force. D) unemployed or underemployed.
The referendum version of the median voter model allows voters to vote on a series of marginally increasing quantities of a good
a. True b. False
In early 2008, the central bank of Zimbabwe announced the inflation rate in that country had reached
a. 60 percent. b. 80 percent. c. 220 percent. d. 24,000 percent.
Efficiency wages create a labor
a. surplus and so increase unemployment. b. surplus and so decrease unemployment. c. shortage and so increase unemployment. d. shortage and so decrease unemployment.