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?
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
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
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.