In the following table, the United States has an absolute advantage in producing___________?
| COUNTRY | POTATOES | WHEAT |
| United States | 4 | 2 |
| Ireland | 3 | 1 |
both potatoes and wheat
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Policy issues of business cycles are considered in a long-run framework.
Answer the following statement true (T) or false (F)
Exhibit 5-6 Demand curve for concert tickets
?
In Exhibit 5-6, the demand curve for concert tickets shown above between the prices of $20 and $30 is
A. inelastic. B. elastic. C. unitary elastic. D. cross elastic.
The reason that the government offers inventors exclusive rights to their product for a period of time is to
A) promote innovation. B) increase profits of certain companies. C) maximize consumer utility. D) reduce market concentration.
Under what conditions is it likely that the labor supply curve may become backward bending? What roles do the income and substitution effects play?
What will be an ideal response?