A machinery used in a factory is a(n) ________ good
A) club B) capital C) inferior D) public
B
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The division of labor can benefit society only if
A. a system of exchange exists. B. society uses all of its resources efficiently. C. society has no specialized resources. D. labor resources are not scarce.
Nominal GDP measures the value of all final goods and services at base-year prices
Indicate whether the statement is true or false
The above figure shows the demand and supply curves in the market for milk. If the government imposes a quota at 500 gallons, calculate the deadweight loss
What will be an ideal response?
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. After examining each country's production possibilities curve, it is clear that:
A. neither country will benefit from trade.
B. both countries can benefit from trade because absolute advantage exists.
C. both countries could benefit from trade because comparative advantage exists.
D. only Country A will benefit from trade.