Tom takes 20 minutes to cook an egg and 5 minutes to make a sandwich. Jerry takes 15 minutes to cook an egg and 3 minutes to make a sandwich. If Tom and Jerry trade
A) Tom will benefit and Jerry will not.
B) Jerry will benefit and Tom will not.
C) both will benefit.
D) none of them will benefit.
C
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The expenditure approach to measuring GDP includes firms' spending on wages
Indicate whether the statement is true or false
If the supply of skilled workers is increased such that it is equal to the supply of unskilled workers, we can expect:
a. wages of skilled workers to be equal to wages of unskilled workers. b. wages of skilled workers to be lower than wages of unskilled workers. c. wages of skilled workers to be higher than wages of unskilled workers. d. wages of unskilled workers to fall from its current level. e. wages of both skilled and unskilled workers to remain unaffected.
Standardized goods and services sold in the market are likely to have high switch-over costs
Indicate whether the statement is true or false
A tax on an imported product is called a
A) tariff. B) quota. C) dumping signal. D) all of these choices.