Suppose an American worker can make 50 pairs of gloves or grow 300 radishes per day. On the other hand, a Bangladeshi worker can produce 100 pairs of gloves or grow 200 radishes per day. Using the concept of absolute advantage, which of the following statements is true? The United States:
A. has the absolute advantage in the production of both gloves and radishes.
B. does not have the absolute advantage in the production of either gloves or radishes.
C. has the absolute advantage in the production of gloves, but not radishes.
D. has the absolute advantage in the production of radishes, but not gloves.
D. has the absolute advantage in the production of radishes, but not gloves.
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Which of the following will NOT shift the short-run aggregate supply (SRAS) curve?
A) a reduction in the price of a raw material B) technological progress C) a change in the wage rate D) a change in the price level
In 2012, which of the following countries had negative net export spending in GDP?
A) Germany B) Hong Kong C) the United States D) China
The belief that the ethically proper thing to do in any situation is the thing that maximizes society's overall happiness and minimizes society's overall suffering is called
A) utilitarianism. B) diminishing marginal utility. C) the benefits-received principle. D) transcendentalism.
If consumers paid the full price of medical services instead of using health insurance and third-party payers to cover part of the cost, the quantity of medical services provided would decrease
Indicate whether the statement is true or false