Refer to Table 18.1. After trade begins, ________ will specialize in the production of hats and ________ will specialize in the production of gloves
A) Panama; Russia B) Russia; Panama C) Russia; Russia D) Panama; Panama
B
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When there is a binding price floor
A) there is no equilibrium. B) the quantity demanded does not equal the quantity supplied. C) all potential producers are happy because they can sell the good at a higher price. D) the government is helping consumers at the expense of producers.
A horizontal supply curve of labor implies that
a. lower wages are required to attract more employees b. higher wages are required to attract more employees c. MPP is constant d. any quantity of workers can be hired at the same wage e. the total labor cost curve is horizontal
The circular flow model shows the: a. stock of precious metals in a country
b. flow of resources between households and firms. c. stock of money in an economy. d. flow of financial assets in an economy.
The slope of a non-linear curve
A. must first increase then decrease. B. is not constant. C. is constant. D. is always positive.