Some of the benefits of globalization include
a) decreased international trade.
b) lower income per person.
c) higher prices for goods.
d) greater product variety.
d)
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A world-renowned brain surgeon can type twice as fast as her secretarial assistant. Which of the following statements is true in this situation?
a. The secretary has an absolute advantage in typing. b. The surgeon should do her own typing to save money. c. The surgeon should fire the assistant and work weekends and evenings to stay up on her typing. d. The surgeon should spend her time doing brain surgery and allow her secretary to do the typing because the secretary has a comparative advantage in typing. e. The surgeon should spend her time doing brain surgery and allow her secretary to do the typing because the surgeon has a comparative advantage in typing.
In the case study in the text involving calculator production, the fact that each calculator produced added $10.30 to cost and $12 to revenue made clear the value of ____ in determining whether or not to suspend production
a. average fixed cost b. cost saving c. marginal analysis d. the level of fixed cost
What is the difference between monetary policy and fiscal policy?
A higher real interest rate typically induces consumers to:
a. Save less b. Purchase more imported goods c. Save more d. Purchase more goods that are bought using credit