A country specializes in the production of goods for which it has a comparative advantage, so

A) some producers and consumers win, some lose, but overall the gains exceed the losses.
B) all producers win.
C) all consumers win.
D) producers win, consumers lose, but overall the gains exceed the losses.


A

Economics

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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one pound of cheese is ________ car(s).

A. 1/500 B. 500 C. 1/250 D. 1/10

Economics

Effective price discrimination will enable a perfectly competitive firm to earn positive economic profits in both the short run and the long run

Indicate whether the statement is true or false

Economics

The above table shows the short-run production function for Albert's Pretzels. The average product of labor

A) increases first and then decreases. B) decreases first and then increases. C) decreases throughout. D) increases throughout.

Economics

In the 1945 ALCOA antitrust case, the Court found ALCOA

a. not guilty of violating the Sherman Act because it was a good monopoly b. did not have a good reason for having a large market share, so found it guilty c. guilty because its firm size was a per se violation of antitrust laws d. not guilty because it did not engage in any illegal or unfair acts e. was no threat to industrial democracy

Economics