Suppose Canada can produce 100,000 hockey sticks or 10,000 gallons of maple syrup in a week, while Germany can produce 90,000 hockey sticks or 10,000 gallons of maple syrup in a week. Which of the following conclusions is likely to be made?
a. Canada has a comparative advantage in the production of hockey sticks.
b. Germany has a comparative advantage in the production of hockey sticks.
c
Canada has an absolute advantage in the production of maple syrup.
d. Germany has an absolute advantage in the production of maple syrup.
a
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Jose works at Intel. His manager tells him what work needs to be completed each month. Jose's resource, labor, is allocated with which of the following methods?
A) command B) majority rule C) force D) personal characteristics E) lottery
In theory, fiscal policy should:
A. increase aggregate demand in bad times and pay off the bill in good times. B. increase aggregate demand in bad times and increase aggregate supply in good times. C. reduce aggregate demand in bad times and take the profits in the good times. D. increase aggregate demand in bad times and increase inflation in good times.
Income taxes are _________ liens
Fill in the blank(s) with the appropriate word(s).
The fixed expense on a fixed level of capital in the short run becomes a fixed cost for the firm in the long run.
Answer the following statement true (T) or false (F)