The making and selling of a pencil for ten cents would likely NOT be possible, but for
A) relative advantage.
B) the production possibilities curve.
C) absolute advantage.
D) the division of labor.
Answer: D
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Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
With a Pt?Pc per-unit tariff, the quantities sold by foreign and domestic producers respectively will be
A. y?w and w. B. z?x and x. C. x?v and x. D. z?w and x.
What matters to people is the face value of money or income
Indicate whether the statement is true or false
What are the marginal propensity to consume (MPC) and the marginal propensity to save (MPS)? How is the MPC related to the consumption function?
Under a regressive tax system, the marginal tax rate for high income taxpayers is
a. higher than the marginal tax rate for low income taxpayers. b. the same as the marginal tax rate for low income taxpayers. c. lower than the marginal tax rate for low income taxpayers. d. Any of the above could be true under a regressive tax system.