Ricardo's theory of _____ advantage states that it makes sense for a country to specialize in the production of those goods that it produces most efficiently and then purchase the goods that it produces less efficiently from other countries, even if this means buying goods from other countries that it could produce more efficiently itself
Fill in the blank(s) with the appropriate word(s).
comparative
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The government increases taxes. As a result, in the short run, real GDP ________ and the price level ________
A) increases; rises B) decreases; falls C) decreases; rises D) increases; falls
The welders' union at Ajax is on strike. The maintenance union has decided to walk out in support of the welders' union. This is known as
A) a closed shop. B) a union shop. C) a sympathy strike. D) a secondary boycott.
A nation’s standard of living depends on its population and labor productivity.
Answer the following statement true (T) or false (F)
Use the following general linear supply function:Qs = 40 + 6P - 8PI + 10F where Qs is the quantity supplied of the good, P is the price of the good, PI is the price of an input, and F is the number of firms producing the good. Suppose PI = $40, F = 50, and the demand function is Qd = 700 - 6P , then if government sets a price of $50 what will be the result?
A. a shortage of 160 B. a surplus of 120 C. a surplus of 160 D. a shortage of 120