In the above figure, what is the quantity of workers that would be hired in a perfectly competitive market?
A. Q1
B. Q2
C. Q3
D. Q4
Answer: C
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Tastes for products such as beer differ. As a result
A) consumers of beer have difficulty deciding what type of imported beer to buy. B) the quality of imported beer is less than it could be. C) we see countries specializing completely in the production of beer. D) different countries may each have a comparative advantage in producing different types of beer.
Data shows that countries that invest more and channel more of those investments into productive projects will generally have
a. higher rates of current consumption. b. higher future incomes. c. lower rates of economic growth. d. lower real interest rates.
Economists speaking like scientists make
a. positive statements. b. prescriptive statements. c. claims about how the world should be. d. More than one of the above is correct.
Which of the following is a partially valid economic argument for restricting free trade?
a. Restrictions on foreign trade will increase employment and permanently reduce unemployment.
b. Removal of restrictions that have existed for years will initially cause inflation.
c. Infant industries need permanent protection to develop and gain productive efficiency.
d. A nation needs to protect industries that are vital to national defense in case of future international conflict.