Assume All Things Snowy sells snow blowers. Currently, All Things Snowy is running 'low' on inventory of snow blowers. Looking ahead to next week, a 'blizzard' for the local market is being predicted. Based on this information, which of the following is most likely to happen?
a) The D for snow blowers will shift to the left.
b) The D for snow blowers will shift to the right.
c) All Things Snowy will try to have additional snow blowers shipped overnight (or asap) by the manufacturer to meet the increased D.
d) All Things Snowy will offer their remaining snow blowers to customers at a lower P than before.
e) B and C.
e) B and C.
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Comparative advantage is the ability to produce:
A. more of a good than others with a given amount of resources. B. relatively more than any other good with a given amount of resources. C. a good or service at a lower opportunity cost than others. D. more of a good at a lower cost.
If the real wage rate is such that the quantity of labor supplied equals the quantity of labor demanded
A) a full-employment equilibrium occurs. B) actual GDP equals potential GDP. C) the supply curve of labor is vertical. D) Both answers A and B are correct.
There is anecdotal evidence to suggest that global inequalities are often rooted in inequities
Indicate whether the statement is true or false
Some people attribute the rapid growth of the East Asian economies in the 1980s and 1990s to the:
A. success of their "industrial policies." B. governments picking industries to support with investments and favorable tax and trade policies. C. governments planning for growth by investing in certain industries. D. All of these are true.