Researchers have found that there is no measurable difference between the earnings of men and the earnings of women who never married and never had children
Indicate whether the statement is true or false
TRUE
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Which of the following statements is true about comparative advantage?
a. Comparative advantage exists whenever one person, firm, or nation can do something at higher opportunity costs than some other individual, firm, or nation. b. Comparative advantage is interesting theoretically, but it is not relevant when evaluating real-world economic conditions. c. Low income countries cannot possibly have a comparative advantage in the production of any good or service because of the relatively low literacy rate. d. Comparative advantage exists whenever one person, firm, or nation can do something at lower opportunity costs than some other individual, firm, or nation. e. Only technologically advanced economies can have a comparative advantage in the production of a good or service.
If people's incomes decrease, their demand for other currencies shifts to the right
Indicate whether the statement is true or false
What is an import quota?
a. a legal limit on the quantity of foreign goods imported b. a tax assessed on foreign goods c. a price limit on foreign goods d. a contract to sell foreign goods to domestic retailers
Joseph Gallo poured two glasses of wine from the same bottle but put a more expensive price tag on one glass than on the other. He let people test both and asked them which they wanted, and most wanted the more expensive glass, not knowing that both had come from the same bottle. This result indicates that firms should:
A. be careful about lowering the price of their product, because consumers may assume that a lower price means lower quality. B. always raise the price of their product. C. never lower the price of their product. D. be careful about raising the price of their product, because the law of demand is always valid.