In terms of purchasing power parity, the nation with the highest per capita GDP is
a. Japan.
b. Norway.
c. Switzerland.
d. the United States.
b. Norway.
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Use the figure below to answer the following question.
The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate period, the short run, and the long run. Supply curves S1, S2, and S3 apply to the
A. short run, long run, and immediate period respectively. B. long run, short run, and immediate period respectively. C. immediate period, long run, and short run respectively. D. immediate period, short run, and long run respectively.
In the specific factors model, a 5% increase in the price of food accompanied by a 10% increase in the price of cloth will cause ________ in the welfare of labor, ________ in the welfare of the fixed factor in the production of food, and ________ in
the welfare of the fixed factor in the production of cloth. A) an ambiguous change; a decrease; an increase B) an ambiguous change; an ambiguous change; an ambiguous change C) a decrease; an ambiguous change; an ambiguous change D) an increase; a decrease; an increase E) an ambiguous change; an increase; a decrease
The three major differences between tariffs and trade quotas are (1) __________________; (2) ________________; and (3) _________________.
Fill in the blank(s) with the appropriate word(s).
The MRP schedule of the perfect competitor declines _____ than that of the imperfect competitor.
Fill in the blank(s) with the appropriate word(s).