A consumption possibilities curve shows the combinations of two goods that can be consumed when a nation specializes in producing a particular good and trades with another nation
Indicate whether the statement is true or false
TRUE
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Which of the following factors has significantly increased the supply of labor in the United States since 1950?
A) an increase in the number of people who have received college degrees B) an increase in the labor force participation rate of women C) a large increase in the substitution effect as a result of higher wages D) a low birth rate and an aging population
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna receives $70 from the auction, she can infer that
a. Both the bidders were high value bidders b. Both the bidders were low value bidders c. One of the bidders was high value, while the other was low value d. All of the above
In the Bag by Copy Company case study, the executives are faced with wiring 10 different copiers that they make in five separate European countries. They must choose between specializing by country and specializing by manufacturing of copier type. The executives hire a lobbyist to work for a standard regulatory and sales environment across the entire European Union. Why?
What will be an ideal response?
Which statement is false?
A. Oligopolies are illegal in most states. B. Most oligopolies engage in outright collusion. C. Ford Motor Company is an oligopoly. D. None of these statements are false.