Absolute advantage occurs when one nation can produce a good ____ its trading partners
a. in larger quantities than
b. faster than
c. that is desired by
d. more efficiently than
e. only consumed by
d
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Which of the following is NOT included in the M1 money supply?
A) currency B) passbook savings accounts C) traveler's checks D) checkable and debitable accounts
In economics, the term ________ means "additional" or "extra."
A) allocative B) equity C) marginal D) optimal
Is relative PPP a useful equilibrium concept for describing general trends in exchange rates? Under what kinds of circumstances would the concepts of PPP be best applied?
What will be an ideal response?
If the demand increases in a perfectly competitive market, what will likely occur?
A. Firms will temporarily make a profit due to a higher price. B. Firms will enter the market in hopes of capturing some profits. C. The short-run supply curve will shift to the right, causing price to eventually fall. D. All of these are true.