If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product
a. True
b. False
Indicate whether the statement is true or false
False
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In the country of Wilkes, taxes are $5 million and benefits are $4 million. Income from labor is $25 million and income from capital is $15 million. What is market income?
A) $20 million B) $39 million C) $40 million D) $9 million
Suppose a paper mill earns $1,000,000 in profits when it pollutes a river, and it can abate pollution at a cost of $A. The effects of the pollution are confined to a single farmer who earns $400,000 if the water he uses from the river is clean and $300,000 if it's polluted. If _______, then abatement would be efficient.
A. A < 300,000 B. A > 100,000 C. A < 100,000 D. A < 400,000
What monetary policy should be implemented to correct an inflationary economy?
(A) Easy monetary policy (B) Money creation policy (C) Tight monetary policy (D) Laissez faire policy
Which of the following is counted in the GDP in a given year?
A. the dollar value of the housework done by a stay-at-home mom B. the sale of a used Mazda convertible C. the sale of a new screwdriver D. the sale of Facebook stock