Suppose in Italy producers can make 10,000 dresses or 1,000 coats per day, while in Canada producers can make 14,000 similar dresses or 2,000 similar coats per day. Therefore
A) 1 dress costs 7 coats in Italy.
B) 1 dress costs 10 coats in Italy.
C) 1 coat costs 7 dresses in Canada.
D) 1 coat costs 10 dresses in Canada.
C
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Use the following diagram to answer the next question.
We observe that the economy has moved from NX1 to NX3. This could have happened because ________.
A. imports decreased B. exports increased by more than imports C. exports increased by less than imports D. exports increased
The ground rules, customs, and conventions that govern the behavior of market participants are often referred to as institutions
Indicate whether the statement is true or false
Which of the following makes the official measure of unemployment in the U.S. an understatement of actual unemployment?
a. Some workers become discouraged and are not actively seeking work. They are officially counted in the labor force as unemployed. b. The official measure of civilian unemployment fails to account for very high levels of unemployment among active-duty military personnel. c. The statistics count part-time employment as being no different from full-time employment. d. The official measure counts all part-time workers as unemployed.
At $2 a container, a grocery store supplies 100 containers of organic yogurt, but sells only 72 containers of this product. The grocery store has a ______.
a. shortage of 28 b. shortage of 18 c. surplus of 28 d. surplus of 18