"No country is abundant in everything." Discuss
What will be an ideal response?
The concept of factor abundance is (like factor intensities) a relative concept. When we identify a country as being capital abundant, we mean that it has more capital per worker than does the other country. If one country has more capital worker than another, it is an arithmetic impossibility that it also has more workers per unit of capital.
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A cartel is a group of firms that attempt to collude by coordinating price and output decisions
a. True b. False Indicate whether the statement is true or false
For a given growth rate in aggregate supply, slower growth in aggregate demand will lead to lower inflation
a. True b. False Indicate whether the statement is true or false
What is a barter system? What are the drawbacks of this system?
Which of the following is a normative economic statement?
A) Tobacco products should be banned in all public spaces. B) The increase in tobacco taxes has caused an increase in the price of cigarettes. C) Better awareness of health risks has decreased tobacco use. D) A reduction in tobacco subsidies has caused the price of tobacco to increase.