Stagflation is the simultaneous occurrence of inflation and high unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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In order to know whether a country has a comparative advantage in the production of one particular product we need information on at least ________ unit labor requirements
A) one B) two C) three D) four E) five
True or false? The Edgeworth box version of inter-personal trade requires the individuals to be in close proximity of one another
A) True, that way they can see each other's endowments and prices. B) False, begin in close proximity is not required for mutually beneficial trade to occur in the Edgeworth box. C) True, the Edgeworth box only works when there folks see "eye-to-eye." D) False, although prices are only valid if they are communicated in person.
The major reason the market demand curve for labor slopes downward is because:
a. at lower wage rates, workers are less willing to supply labor to the market. b. at lower wage rates, workers are more willing to supply labor to the market. c. of the law of diminishing marginal product d. of the law of diminishing marginal resource cost.
A pure private good is such that
A. exclusivity holds, but rivalry does not. B. neither rivalry nor exclusivity hold. C. both rivalry and exclusivity hold. D. rivalry holds, but exclusivity does not.