Refer to the information provided in Table 33.2 below to answer the question(s) that follow.
Table 33.2
Refer to Table 33.2. The most that China will be willing to pay for a motorcycle is
A. 1/30 of a tractor.
B. 1/20 of a tractor.
C. 1/10 of a tractor.
D. 1/5 of a tractor.
Answer: C
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Assuming that (1) labor supply is perfectly inelastic (vertical), and (2) immigrants and skilled labor are complements, an increase in unskilled immigrant labor ___________ the real wages of unskilled labor and __________the real wages of skilled labor
a. increases; increases b. increases; decreases c. decreases; increases d. decreases; decreases
A government-imposed price floor in the tobacco market will raise the value of land used to grow tobacco
Indicate whether the statement is true or false
The multiplier effect refers to the fact that a change in spending (aggregate demand) will
What will be an ideal response?
Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?
A. Dan has the comparative advantage in sandwiches, but Tracy has the absolute advantage in sandwiches. B. Dan has the comparative and absolute advantage in sandwiches. C. Dan has the comparative advantage in smoothies, but Tracy has the absolute advantage in smoothies. D. Dan has the comparative and absolute advantage in smoothies.