the law of comparative advantage.
What will be an ideal response?
"Now that Blake paints the broad surfaces and I do the trim work, we can paint a house in three-fourths the time that it took for each of us to do both." This statement most clearly reflects
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For a perfectly competitive rancher in Wyoming, if the price does not change, an economic profit could turn into an economic loss if the
A) average total cost curve shifts downward. B) average total cost curve does not change. C) average total cost curve shifts upward. D) marginal cost curve shifts downward. E) average fixed cost decreases.
A bank's assets consist of $1,000,000 in total reserves, $2,100,000 in loans, and a building worth $1,200,000 . Its liabilities and capital consist of $3,000,000 in demand deposits and $1,300,000 in capital. If the required reserve ratio is 10 percent, what is the level of the bank's excess reserves? How much could it loan out as a result?
a. $700,000; $700,000 b. $700,000; $7,000,000 c. $300,000; $300,000 d. $300,000; $3,000,000
Which is of the following is one difficulty economists face that some other scientists do not?
a) Unlike other sciences, economic studies must include the largest economic player, the government. b) Economists unfortunately receive less government funding than other scientists. c) Corporations are reluctant to disclose necessary information for economic research. d) Experiments are often difficult to conduct in economics.
An economy grows when its population increases.
Answer the following statement true (T) or false (F)