The largest single transfer program at the federal level is unemployment insurance.
Answer the following statement true (T) or false (F)
False
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Hank requires 1 hour to cut the grass and 3 hours to clean the house. His sister Holly requires 1 hour to cut the grass and 4 hours to clean the house. Which of the following statements is true?
A) Hank has a comparative advantage in both cutting the grass and cleaning the house. B) Hank and Holly both have a comparative advantage in cutting the grass. C) Hank has a lower opportunity cost of cutting the grass. D) Hank has an absolute advantage in both cutting the grass and cleaning the house. E) Holly has a comparative advantage in cutting the grass.
The Official Settlements Balance is another way of describing
A) the actual tabulation of reserve assets held by government central banks and treasuries. B) the net value of merchandise trade between two nations. C) the net foreign direct investment between two countries. D) the actual value in one currency of trade divided by the value in a second currency.
Joe's indifference map for lobster and soda is shown in the above figure along with his budget line. Will Joe choose point a? Explain your answer in terms both of MRS and the level of utility
What will be an ideal response?
When there is a recessionary gap, capital and labor resources are:
A. not being fully utilized. B. misallocated. C. decreasing in number. D. producing beyond their capacity.