If Japan is twice as good at producing cameras and three times as good at producing TV sets as the United States, Japan is said to have a comparative advantage in TV sets and the United States has a comparative advantage in cameras.
Answer the following statement true (T) or false (F)
True
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A) A recent news report stated that the unemployment rate in the country Lithasia had increased from 10.2% to 18.2% from 2003 to 2013 and that the government had adopted strict fiscal measures to expand employment
Would this report be considered microeconomic or macroeconomic analysis? b) Students in a class are discussing how a firm should determine its profit-maximizing output. Would this discussion be considered microeconomic or macroeconomic analysis?
The cross-price elasticity of garlic salt and onion salt is -2, which indicates that garlic salt and onion salt are substitutes
a. True b. False Indicate whether the statement is true or false
Which of the following purchases is included in the calculation of gross domestic product?
a) a used economics textbook from the bookstore b) new harvesting equipment for the farm c) 1,000 shares of stock in a computer firm d) a car produced in a foreign country e) government bonds issued by a foreign firm
Refer to the information provided in Table 33.2 below to answer the question(s) that follow.
Table 33.2
Refer to Table 33.2. The most that China will be willing to pay for a motorcycle is
A. 1/30 of a tractor. B. 1/20 of a tractor. C. 1/10 of a tractor. D. 1/5 of a tractor.