Wilson can produce a maximum of 6 volleyballs (VBs) or 18 footballs (FBs). Spalding can produce a maximum of 8 VBs or 32 FBs. Which of the following is true?
a) Spalding has an absolute advantage in producing FBs.
b) Spalding has an absolute advantage in producing VBs.
c) Spalding has a comparative advantage in producing VBs.
d) All of the above are true.
e) A and B are true.
e) A and B are true.
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Most surveyed economists support Fogel and Engerman's (1974) position that plantation owners were largely rational and treated slaves in their best profit interest
Indicate whether the statement is true or false
According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development. B. a sufficient condition for development but not a necessary condition. C. a necessary condition for development but not a sufficient condition. D. neither a necessary nor a sufficient condition for development.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Through the 1970s, 1980s and 1990s, the states ran substantial budget ____________.
Fill in the blank(s) with the appropriate word(s).