If Country A produces 7,000 units of goods and services using 700 hours of labor, and if Country B produces 5,500 units of goods and services using 500 units of labor, then productivity is lower in Country A than in Country B
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Table 9-8
a. Which person has an absolute advantage in the production of bows? arrows? b. Which person has a comparative advantage in the production of bows? c. Which person has a comparative advantage in the production of arrows?
Everything else held constant, when real estate prices are expected to decrease
A) the demand curve for bonds shifts to the left and the interest rate rises. B) the demand curve for bonds shifts to the left and the interest rate falls. C) the demand curve for bonds shifts to the right and the interest rate falls. D) the supply curve for bonds shifts to the right and the interest rate falls.
The income elasticity for cars is high. This is best illustrated by which of the following?
(a) College students buy a high percentage of the lower priced, dependable foreign cars. (b) The purchase of all hybrid cars increases in response to the call to reduce the auto's footprint. (c) U.S. cars built by foreign automakers sold at relatively lower prices than their equal American counterparts. (d) All of the above.
A new pinball machine will generate $3,000 in additional revenue each year for a game arcade. It has a useful life of three years. Assume that each year's income is received at the end of the year. If the interest rate is 10 percent (0.10) per year,, what is the present value of a new pinball machine to the arcade?
a. $6,761.83 b. $8,181.82 c. $9,000.00 d. $7,460.56 e. $8,206.61