European communism collapsed during the years
A. 1974-1976.
B. 1979-1981.
C. 1984-1986.
D. 1989-1991.
D. 1989-1991.
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Explain the concepts of absolute advantage and comparative advantage. Is it possible for a firm to have an absolute advantage in producing something without having a comparative advantage? Why or why not?
What will be an ideal response?
Suppose that the demand for labor decreases due to an economic downturn, and union workers are in the first year of a 3-year labor contract
With respect to these union laborers, the economic downturn will most likely ________ the nominal wage and ________ the quantity of labor hired. A) decrease; not change B) decrease; decrease C) not change; decrease D) not change; not change
A higher desired level of capital and investment will result from ________
A) a decrease in productivity B) a fall in expected future output C) a depressed economy D) a booming economy
If resale is easy, then
A) price discrimination won't work, because then only low-priced goods are sold. B) consumers' demand curves will shift to the low-priced good. C) firms will stop providing the good. D) price discrimination results in lower consumer surplus.