If Nation A requires more resources to produce each bale of cloth than Nation B does, then we say that:
A. Nation A has the absolute advantage over Nation B in producing cloth
B. Nation B has the absolute advantage over Nation A in producing cloth
C. Nation A has the comparative advantage over Nation B in producing cloth
D. Nation B has the comparative advantage over Nation A in producing cloth
B. Nation B has the absolute advantage over Nation A in producing cloth
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A measure of overall prices at a particular point in time is called:
A. inflation. B. a relative price. C. the price level. D. a real price.
Refer to the table above. What is the firm's marginal cost when it produces 155 units of the good?
A) $0.66 B) $1 C) $1.33 D) $1.50
The government decided to reduce taxes on fast-food to increase revenue. The government assumes that fast-food products have
a. An inelastic demand b. An elastic demand c. A demand curve that is upward sloping d. Unitary elastic demand curve
In 1936, when the Fed doubled the reserve requirements, bank executives:
A. allowed their excess reserves to decline. B. maintained the level of excess reserves desired by the Fed. C. increased excess reserves to the level prior to the change in requirements. D. increased lending from remaining reserves, causing inflation.