"Most textiles worn by American consumers are produced in Asian and South American countries where the opportunity costs of production are lower." This observation refers to the:
a. law of supply.
b. income elasticity of demand.
c. principle of beneficial tariffs.
d. principle of comparative advantage.
e. law of decreasing returns to scale.
d
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The Community Charge was a poll tax to fund local government in the United Kingdom, instituted in 1989 by the government of Margaret Thatcher. It replaced the rates that were based on the national rental value of a house
It was a fixed tax per adult resident. Is this tax a proportional, progressive or regressive tax? Explain your answer.
Bargaining between the management of a company and the management of a union is
A) a closed shop. B) a bilateral monopoly. C) a craft union. D) collective bargaining.
Every year, Rafael figures that the oven in his bakery is worth $1,000 less than the year before because of wear and tear. Setting aside an allowance of this amount to eventually replace the oven is an example of a(n) ______ payment.
a. depreciation b. appreciation c. inventory d. nondurable
________ purchasing power parity states that a bundle of tradable products will have the same cost in different countries if the cost is stated in the same currency.
A. Full B. Relative C. Absolute D. Partial