According to Ricardo, a country will have a comparative advantage in the product in which its
A) labor productivity is relatively low.
B) labor productivity is relatively high.
C) labor mobility is relatively low.
D) labor mobility is relatively high.
E) labor is outsourced to neighboring countries.
B
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In recent decades, the United States
A) was essentially a closed economy. B) was generally a net borrower of foreign funds. C) was generally a net lender abroad. D) experienced a net outflow of savings.
To construct a supply curve, an economist needs data on price and quantity. Each point on the supply curve is
a. supply of the product. b. a quantity supplied at that price. c. the amount that people want to buy. d. the amount people want to sell to buyers of different incomes. e. All of the above are correct.
In the presidential election of 2008, record numbers of people vote in national, state, and local elections. This phenomenon was even more pronounced among young voters. What are possible explanations for this?
What will be an ideal response?
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A