In discussing trade, it is ____ that matters rather than ____.
A. absolute advantage; elastic advantage
B. comparative advantage; absolute advantage
C. entire advantage; comparative advantage
D. elastic advantage; entire advantage
E. declarative advantage; absolute advantage
Answer: B
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Which of the following statements is true?
a. The four phases of the business cycle, in order, are: peak, recovery, trough, recession. b. When unemployment is rising then real GDP is rising. c. The economic problem typically associated with a recovery is rising unemployment. d. Full employment exists in an economy when the unemployment rate equals the sum of frictional, and structural unemployment rates.
In Figure 1.9, the slope of the line between points K and L is
A. 0.75. B. 1.25. C. 0.60. D. 0.80.
For the United States since 1950, imports as a percentage of GDP has
A) tripled. B) increased slightly. C) remained constant. D) decreased.
If ________, a firm would operate in the short run and expand in the long run.
A. TC > TR B. ATC > AVC C. AVC > AFC D. TR > TC