In order to represent a consumer's choices on a graph, we draw her budget constraint as well as her __________ curves
Fill in the blank(s) with correct word
indifference
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Assume that Country A produces 60 tons of sugar using 6 productive units and that Country B produces 40 tons of sugar using 6 productive units. Assume further that Country A produces 120 tons of coffee using 4 units of production and that Country B produces 90 tons of coffee using 4 units of production. It follows that
a. Country A has a comparative advantage over Country B in the production of coffee. b. Country A has a comparative advantage over Country B in the production of coffee and sugar. c. Country A has a comparative advantage over Country B in the production of sugar. d. Country B has a comparative advantage over Country A in the production of sugar.
The more inelastic are demand and supply, the greater is the deadweight loss of a tax
a. True b. False Indicate whether the statement is true or false
Suppose that some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were employed?
a. 1.5 million b. 28.5 million c. 30 million d. 47.5 million
The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
The maximum number of dresses that Becky can make in a day is represented by point:
A. U B. W C. T D. V