Refer to the table above. ________ has the comparative advantage in making pies and ________ the comparative advantage in making cakes. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. Julia; Martha
B. Martha; Julia
C. Julia; Julia
D. Martha; Martha
Answer: B
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Use the following graph for a perfectly competitive firm generating a loss in the short run to answer the next question.
Which area in the graph represents the loss generated by the firm?
A. bcde B. 0beg C. abef D. acdf
The reference base period that the BLS uses to measure the CPI is
A) 1998-2000. B) 2005. C) 1967-1969. D) 1982-1984. E) 1993-1995.
Which of the following shifts the demand curve for oranges?
A) disastrous weather that destroys about half of this year's orange crop B) a decrease in the price of a pound of bananas, a substitute in consumption for oranges C) an increase in the price of the fuel used to transport oranges to supermarkets D) great weather that produces a bumper orange crop this year
The World Trade Organization (WTO) was organized as a successor to the
A) IMF. B) UN. C) UNCTAD. D) GATT. E) the World Bank.