Trade is only beneficial if a nation has an absolute advantage in producing all products.
Answer the following statement true (T) or false (F)
False
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If two factors of production are substitutes in production, then a decrease in plant size will make the total product curve
a. higher and steeper. b. lower and steeper. c. higher and more shallow. d. lower and more shallow.
Which of the following is not the result of wage stickiness in an economic downturn?
A. Actual wages are temporarily above the market-clearing level. B. Cyclical unemployment. C. A surplus of labor. D. A shortage of labor.
A surplus will result whenever the:
a. government imposes a price floor below the equilibrium price. b. government imposes a price ceiling below the equilibrium price. c. government imposes a price floor above the equilibrium price. d. government imposes a price ceiling above the equilibrium price.
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher