Refer to the table above. Based on the given information, we see that:
The table below shows the output (either machines or wine) that each unit of input in France and Germany can produce:
A. France has an absolute advantage over Germany in producing either output
B. Germany has an absolute disadvantage in producing wine
C. Germany has no absolute advantage over France in producing either output
D. France will see no economic basis for trading with Germany
C. Germany has no absolute advantage over France in producing either output
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From left to right, the horizontal axis of the Lorenz curve ranks households from
A) smallest to largest. B) largest to smallest. C) poorest to richest. D) richest to poorest.
An example of a real-life rule that might constrain people's behavior is:
A. minimum wage legislation. B. having 24 hours in a day. C. the earth's limited supply of oil. D. All of these are examples of real-life rules.
The _____________ of an event happening is, the relative frequency with which it occurs.
Fill in the blank(s) with the appropriate word(s).
With floating exchange rates
A) monetary policy is effective. B) fiscal policy is ineffective. C) monetary and fiscal policy are effective. D) fiscal and monetary policy are ineffective.