In one week Alice can produce 5 pairs of shoes or 4 bookshelves while Roger can produce 10 pairs of shoes or 6 bookshelves. Alice has ________ advantage in producing ________
A) an absolute; shoes
B) a comparative; shoes
C) an absolute; bookshelves
D) a comparative; bookshelves
D
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Which pair of groups benefits from an import quota when quota rights are given away without charge?
a. domestic and foreign producers b. domestic producers and foreign consumers c. domestic government and foreign consumers d. domestic government and producers e. foreign consumers and producers
During the 2008 financial crisis velocity decreased. This means that the rate at which money changed hands
a. decreased. Other things the same, a decrease in velocity decreases the price level. b. decreased. Other things the same, a decrease in velocity increases the price level. c. increased. Other things the same, an increase in velocity decreases the price level. d. increased. Other things the same, an increase in velocity increases the price level.
Consider the market for broccoli. If the price of a pound of broccoli increases, what happens to the supply of broccoli?
A) The supply of broccoli decreases. B) The supply of broccoli increases. C) There will be no change in the supply of broccoli, but instead there is an increase in the quantity supplied of broccoli. D) There will be no change in the supply of broccoli, but instead there is a decrease in the quantity supplied of broccoli.
The Consumer Price Index (CPI) is a measure of the:
a. cost of a market basket of consumer goods and services relative to its cost in a base year. b. change in the average price of a market basket of necessary goods and services c. cost of a market basket of consumer goods relative to the previous year. d. change in the average price of all intermediate goods and services. e. average price of all final goods and services relative to the average price in the previous year.