A country has a comparative advantage in the production of a good if it can
A) trade off producing the good for another good.
B) produce more of the good than another country.
C) produce the good on and remain on its production possibilities frontier.
D) produce more of the good most efficiently.
E) produce the good at the lowest opportunity cost.
E
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People who failed to look for a job are classified as
A. unemployed. B. underemployed. C. out of the labor force. D. part time employed.
The learning curve describes the ________ relationship between ________ and ________
A) inverse; unit cost; cumulative output B) direct; unit cost; cumulative output C) inverse; education; annual income D) direct; education; annual income E) direct; education; labor productivity
In the United States, antitrust law focuses primarily on all of the following except which one?
A) consumer welfare B) the means to monopolize a market C) furthering the social interest D) efficiency
The Laffer curve belongs to which of the following schools of economic thought?
a. Keynesian b. Supply-side c. Classical d. Demand management