The earliest statement of the principle of comparative advantage is associated with
A) David Hume.
B) David Ricardo.
C) Adam Smith.
D) Eli Heckscher.
E) Bertil Ohlin.
B
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The benefit to the firm of hiring another worker is
A) the nominal wage. B) the price level. C) the real wage. D) the extra output produced by the worker. E) measured as the height of the production function.
A year-long drought that destroys most wheat crops for the season would shift the:
A. aggregate demand curve only. B. aggregate demand curve, and the short-run aggregate supply curve would shift in response. C. short-run aggregate supply curve only. D. short-run aggregate supply curve and the long-run aggregate supply curve.
The most likely reason that oil prices spiked during 2007-2008 was because
a. suppliers drastically cut back on production b. speculators heavily invested in the futures market c. there was an increase in demand due to an increase in usage d. there was an increase in demand as buyers began to hoard oil for future use e. suppliers increased their production to match the increase in demand
The British economist A. C. Pigou
a. wrote The Economics of Welfare in 1911. b. offered an explanation of the market economy's poor environmental performance. c. outlined an approach to environmental policy still in favor with economists today. d. All of the above are correct.