Comparative advantage is always a(n) ________ concept
A) absolute
B) efficiency
C) relative
D) monetary
C
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Suppose Lorna will buy more sweaters if the price of sweaters rises. She is violating the
a. law of supply b. law of increasing costs c. law of large numbers d. law of diminishing costs e. law of demand
In the short run, a profit-maximizing price taker will expand output as long as the market price exceeds
a. average variable cost. b. marginal cost. c. average total cost. d. average fixed cost.
Which of the following is not an example of an adverse selection problem?
a. A homeowner purchases a refrigerator that the seller knows has a history of leaking. b. A highly productive worker quits her job after a salary cut knowing that she can make more at a different job. c. A major league baseball player performs poorly in his second season after signing a multi-million dollar contract. d. A contractor uses low quality materials for construction but charges for higher quality materials.
The town of Pleasantville has two local TV stations. If one of them invests in the newest weather forecasting technology, one can predict that:
A. both stations eventually will switch back to the old weather forecasting technology. B. the quality of weather forecasts will remain unchanged. C. the other station will upgrade its weather forecasting technology. D. the other station will continue to use its current weather forecasting technology.