An input-output table
A) details the flows of goods and services between various sectors of the economy.
B) shows purchases by certain industries from other industries.
C) shows sales by certain industries to other industries.
D) All of the above.
D
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Why is GDP only an imperfect valid measure of the value of output produced by an economy?
What will be an ideal response?
Japan can use all of its resources to produce 100 videos or 400 shoes. China can use all of its resources to produce 25 videos or 200 shoes
Which nation has the comparative advantage in shoes and which nation has the comparative advantage in videos?
A pecuniary externality _____
a. affects the prices facing the third parties on which the externality falls b. affects the products bought by third parties c. affects the production functions of third parties d. affects the production functions of producers of the externalities
A college dean has a __________ opportunity cost of __________ than a college student working in a minimum-wage job
a. lower; leisure b. lower; nonmarket work c. lower; market work d. higher; nonmarket work e. higher; market work