For any pair of countries, there is only one single exchange rate that can lead automatically to both countries realizing the gains from specialization and comparative advantage.
Answer the following statement true (T) or false (F)
False
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A highly technical product is more likely to be sold by mass advertising as it signals to the consumers that the product is of dependable quality
Indicate whether the statement is true or false
Bubba is a shrimp fisherman who could earn $5,000 as a fishing tour guide. Instead, he is a full-time shrimp fisherman. In calculating the economic profit of his shrimp business, the $5,000 that Bubba gave up is counted as part of the shrimp business's
a. total revenue. b. explicit costs. c. implicit costs. d. marginal costs.
A cutting-edge biotech firm is hiring recent college graduates. To attract the very best applicants and to increase worker effort the firm is paying a wage 20% higher than the market wage for entry level employees in this industry. What is the term for the wage paid in this example?
The GDP figures fail to count labor services and other household production. Once this omission is taken into account,
What will be an ideal response?