(Table: Comparative Advantage I) Look at the table Comparative Advantage I. Finland has a comparative advantage in producing:
A) both cell phones and herring.
B) cell phones only.
C) neither cell phones nor herring.
D) herring only.
B) cell phones only.
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Higher future living standards require:
A. increased rates of current consumption. B. increased rates of population growth. C. reduced rates of current consumption. D. reduced rates of current investment.
Barter can best be defined as:
a. the direct exchange of one good for money. b. the direct exchange of money for a good. c. the direct exchange of goods and services without the use of money. d. the direct exchange of labor services for wages. e. the payment of interest on a savings account.
You can think of velocity as:
A. how much output money can buy. B. how quickly prices are rising. C. how often money changes hands. D. the ratio of the money supply to the inflation rate.
The marginal product of labor may increase rapidly initially as more
A) workers are able to specialize. B) total product is decreasing. C) the amount of other inputs is held constant. D) workers will get crowded in a fixed factory.