Should you type your own term paper or hire a specialist to do it for you? Your comparative advantage as a typist increases as you
A) find you have completed all your studying.
B) get laid off from your job working afternoons at the gas station.
C) improve your skills as a typist.
D) encounter any of the above changes in your situation.
D
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Economists generally agree that in reducing poverty, policies should be sought that do the
a. greatest good for total production. b. least harm to work incentives. c. most good for the poor. d. least harm to equality of income.
Explain the difference between comparative advantage and absolute advantage and which concept should be used to make trade decisions.
What will be an ideal response?
If labor supply of unskilled workers is perfectly inelastic, then
A. the labor supply curve of unskilled workers is vertical at the total number of unskilled workers in the market. B. firms face an increasing marginal cost of hiring unskilled labor. C. firms face a horizontal value of marginal product of employment curve. D. workers will supply more hours of labor to the market when wages increase. E. the labor supply curve of unskilled workers is horizontal at the market-clearing wage.
Changes in aggregate spending not caused by changes in output or the inflation rate, also known as exogenous changes in spending, will shift the:
A. potential output line. B. aggregate demand curve. C. short-run aggregate supply curve. D. long-run aggregate supply curve.