Developing countries can be expected to have a comparative advantage in industries requiring a relatively large amount of skilled labor
a. True
b. False
Indicate whether the statement is true or false
False
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Governments around the world tend to auction quota licenses
A) never. B) seldom. C) often. D) always.
The statement that "there is no such thing as a free lunch" means:
A) there are no tradeoffs between economic goals. B) any production requires the use of scarce resources, and thus the sacrifice of another alternative. C) choices need not be made in rational behavior. D) scarcity only exists in poor societies.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.
Prices rose strongly during the Vietnam War (1964–1974), and only the adroit monetary and fiscal policy management of the Carter administration (1976–1980) managed to get inflation under control
Indicate whether the statement is true or false