Developed countries have lost comparative advantage in
A) high-tech industries.
B) labor-intensive industries.
C) capital-intensive industries.
D) agricultural industries.
B
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Refer to Resource Supply/Demand. The rent earned by the owner of the resource is measured by
The following questions refer to the accompanying graph, which shows the supply and demand for a resource. The owner of the resource is receiving the price P0 and is providing the quantity Q0.
a. area A + B + C.
b. area B + C + D.
c. area B + C.
d. area C + D.
Which of the following will most likely happen when a person's income increases, other things equal?
a. The budget line will shift outward b. The budget line will become steeper c. The budget line will become flatter d. The indifference curves will shift outward e. The indifference curves will shift downward
Which of the following is an example of a government program that provides cash assistance to the poor?
a. Temporary Assistance to Needy Families b. Medicaid c. food stamps d. public housing e. Head Start
In 1998, adjusted for inflation, crude oil and gasoline prices were
A. about average. B. quite low. C. slightly above average. D. quite high.