Using the scenario above explain how this could have happened?
What will be an ideal response?
The could have happened if all the students agreed to answer the exam in exactly the same way. That is, each of them could have agreed that they would each choose "A" or "B" on every single question.
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Eileen has a comparative advantage over Jan in piano tuning but not in shoe polishing. Therefore,
a. Jan must have an absolute advantage in piano tuning b. Eileen must have an absolute advantage in shoe polishing c. Jan must have a lower opportunity cost of shoe polishing d. Eileen must have an absolute advantage in shoe polishing and in piano tuning e. Eileen must have an absolute advantage in piano tuning
When a positive externality exists in a market, total surplus:
A. is decreased by deadweight loss compared to that same market without a negative externality. B. is the same as a market without a negative externality. C. is increased by deadweight gain compared to that same market without a negative externality. D. is the same but re-distributed differently than if that same market did not have a negative externality.
Many in Congress expect that future Social Security tax collections will fall short of the sum that will be needed to cover promised benefits. How can it cover this shortfall, and what are the problems associated with these solutions?
If total production (TP) is less than total expenditures (TE), it follows that
A) optimum inventory levels fall. B) firms have underproduced. C) firms increase the quantity of goods they produce. D) b and c E) a, b, and c