If Japan can produce each unit of steel using fewer resources than Canada uses,
a. Canada has an absolute advantage in steel production
b. Japan has a comparative advantage in steel production
c. Canada has a comparative advantage in steel production
d. Canada may have an absolute advantage in producing steel
e. Japan has an absolute advantage in steel production
E
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The principal result of the rising value of the U.S. dollar in the mid-1990s was a(n)
a. balance of payments deficit. b. balance of payments surplus. c. increase in the rate of inflation. d. increase in the unemployment rate.
Answer the question on the basis of the following national income data for the economy. All figures are in billions of dollars. Personal Consumption Expenditures 400 Government Purchases 128 Gross Private Domestic Investment 88 Net Exports 7 Net Foreign Factor Income 0 Consumption of Fixed Capital 43 Taxes on Production and Imports 50 Compensation of Employees 369 Rents 12 Interests 15 Proprietor's Income 52 Corporate Income Taxes 36 Dividends 24 Undistributed Corporate Profits 22 Statistical Discrepancy 0 Refer to the above data. The national income is:
a) $561. b) $573. c) $580. d) $530.
What is likely to happen to the demand for firemen as building codes change to require firewalls and sprinklers to be included in all new construction?
A. The demand for firemen will increase as the supply of firemen falls when old buildings are replaced with newer buildings. B. The demand for firemen will remain unchanged as firemen do not build new construction. C. The demand for firemen will remain unchanged as long as the property tax-base increases when the new construction projects are completed. D. The demand for firemen will increase as long as wages paid to workers on new construction projects exceed the minimum wage. E. The demand for firemen will fall as the demand for fire protection services falls.
Injunctions are good remedies for problems where damage has already occurred.
Answer the following statement true (T) or false (F)