Typically, the greater the specialization of resources
A. the poorer the country becomes.
B. the greater the unemployment in the country.
C. the less production that takes place.
D. the greater the bow of the production possibilities curve.
Answer: D
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Refer to Figure 19-7. If the Indian government pegs its currency to the dollar at a value below $.02/rupee, we would say the currency is
A) parity valued. B) overvalued. C) undervalued. D) equilibrium valued.
A worker who loses his or her job as a consequence of a decline in aggregate demand in the economy is experiencing:
a. disguised unemployment. b. underemployment. c. cyclical unemployment. d. frictional unemployment. e. seasonal unemployment.
The figure below shows the market for shoes in a small importing country. Dd and Sd are the domestic demand and supply curves of shoes, respectively.
The production effect of the tariff on shoes is measured by the area
A. a. B. b. C. c. D. (a + b).
Refer to the diagram. The vertical distance between ATC and AVC reflects:
A. the law of diminishing returns.
B. the average fixed cost at each level of output.
C. marginal cost at each level of output.
D. the presence of economies of scale.