Absolute advantage is the ability to produce:
A. more of a good than others with a given amount of resources.
B. relatively more than any other good with a given amount of resources.
C. a good or service at a lower opportunity cost than others can.
D. more of a good at a lower cost.
A. more of a good than others with a given amount of resources.
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The per capita GDP for Japan in 2014 was $48,500 and in 2015 was $49,470. How much did the Japanese per capita GDP grow in 2015?
A) 2 percent B) -2 percent C) 3 percent D) Cannot be determined without further information
Households make their savings available to borrowers through
a. resource markets b. the loanable funds market c. the labor market d. the taxes e. spending
A discovery that increases wheat yields per acre helps farmers by increasing both supply and total revenues
a. True b. False Indicate whether the statement is true or false
According to Okun's law, each extra percentage point of ________ unemployment is associated with a ________ widening of a negative output gap, measured in relation to potential output.
A. frictional; 0.5 percent B. cyclical; 2 percent C. frictional; 2 percent D. cyclical; 0.5 percent