______ concentrate power in the national government.
A. Federal countries
B. Bicameral countries
C. Unitary countries
D. Higher law constitutions
C. Unitary countries
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If the typical firm’s minimum average variable cost is $10 at an output of 50 units, if marginal cost is $20 at 70 units, and there are 1,000 firms in the industry, sketch supply curves for the typical firm and for the industry as a whole.
What will be an ideal response?
In the figure above, the shift from DLF1 to DLF2 could result from
A) an increase in a government budget surplus. B) the economy entering a recession. C) the economy entering a strong expansion. D) an increase in the nominal interest rate. E) a decrease in the real interest rate.
A limit on the quantity of a good that may be imported in a given time period is
A. An import allocation. B. A tariff. C. A comparative advantage. D. An import quota.
Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The table below shows the number of rooms they can each clean and the number of meals they can each cook in an hour. Rooms CleanedPer Hour Meals CookedPer HourLou54Alex33Which of the following is true?
A. Lou has a comparative advantage over Alex in cleaning. B. Lou has both an absolute advantage and a comparative advantage over Alex in both tasks. C. Alex has both an absolute advantage and a comparative advantage over Lou in both tasks. D. Alex has a comparative advantage over Lou in cleaning.