The law of comparative advantage indicates that
a. specialization and exchange will permit trading partners to maximize their joint output.
b. a nation can gain from trade only if it is not at an absolute disadvantage in producing all goods.
c. a nation can gain from trade only when its trading partners are not low-wage countries.
d. countries should export products for which they are high-opportunity cost producers.
A
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The potential adult work force includes:
A) non-institutional population 13 years and over plus people on active duty in the military. B) non-institutional population 16 years and over plus people on active duty in the military. C) non-institutional population 18 years and over. D) civilian non-institutional population 16 years and over.
If a producer wants a monopoly with a legal barrier to entry, how can this be done?
i. The producer can spend funds lobbying to attain passage of the legal barrier to entry. ii. The producer can purchase an existing monopoly. iii. The producer can make rent seeking expenditures. A) i and ii B) i and iii C) ii and iii D) i, ii, and iii E) None of the above are ways to acquire a monopoly with a legal barrier to entry.
Analyze the short-run and long-run effects of an unanticipated decrease in the money supply in the misperceptions model. Tell what happens to output, the price level, and the expected price level in both the short run and long run
What will be an ideal response?
An establishment survey is used to calculate
A) the unemployment rate. B) the level of payroll employment. C) both the unemployment rate and the level of payroll employment. D) neither the unemployment rate nor the level of payroll employment.