If the opportunity cost of a television set equals 20 cameras in China, but 10 cameras in Japan, then we know
a. all of the following
b. that China has a comparative advantage in producing cameras
c. that Japan has a comparative advantage in producing TV sets
d. that Japan may well have an absolute disadvantage in producing both goods
e. that market exchange of 1 TV set for 15 cameras would produce not only mutually beneficial trade, but would also split the gains from trade equally between the two countries
A
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In the wake of the failure of __________ in 1984, the FDIC announced the "too big to fail" policy
A) Mariners' Trust of Detroit B) Manufacturers Hanover Bank C) Silverado Savings-and-Loan D) Continental Illinois Bank
If bread costs $1 per pound and meat costs $4 per pound, a consumer whose marginal utility of meat equals 80 utils per pound is maximizing utility only if the marginal utility per pound of bread equals
a. 4 utils b. 5 utils c. 10 utils d. 20 utils e. 80 utils
Being penalized via taxes for making more money in dollars even though your purchasing power hasn't changed at all is called:
A. shoe-leather costs. B. menu costs. C. the velocity of inflation. D. tax distortion.
A move from F to G represents
A. an increase in quantity demanded.
B. a decrease in quantity demanded.
C. an increase in demand.
D. a decrease in demand.