If a nation has “cheap labor,”
A. it can still benefit from trade.
B. other nations can still compete with it.
C. it cannot have a comparative advantage in everything.
D. All of the above are true.
Answer: D
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes
If Angus continues to play the bagpipes and Dudley calls the police, the payoffs in the appropriate cell in the payoff matrix would change to A) N/A. B) 550, 100. C) 100, 550. D) The payoffs would not change.
A situation in which the outcome of an election is sensitive to the order of events is called
A) the agenda paradox. B) strategic voting. C) the Condorcet paradox. D) Borda-count manipulation.
How would the Bureau of Labor Statistics classify a person who is not working and refuses an offer of employment in order to keep looking for a better job?
What will be an ideal response?
A major criticism of monopolies is that they
A.) inhibit technological innovation. B.) limit consumption choices C.) experience economies of scale. D.) Both A and B are true.