Whenever a country has an absolute advantage in the production of a good, that implies that the country should specialize in the production of that good
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Table 21.2. The bottom 20 percent of earners took home ________ of all income earned in Mysteria
A) 5% B) 8.33% C) 10% D) 29.4%
In the new Keynesian model, expected inflation is a function of ________
A) expected future output gaps and markup shocks B) current and past inflation C) unanticipated aggregate demand shocks D) expected growth of the money supply
The lag in the political rights of women can be positively associated with the lag in female wages and skill acquisition according to Goldin (1990)
Indicate whether the statement is true or false
All economic models must involve simplifications because
a. economists would be unable to command high salaries if their models were so simple that anyone could understand them b. human behavior is very erratic and unpredictable c. reality is too complex to understand in its entirety, so we must reduce it to a level that we can understand d. they always try to duplicate all possible information and cover all possible variables that might influence decision making e. we must rely on value judgments and ignore reality