In general, individuals and nations should specialize in producing goods ________ other individuals or nations.
A. for which they have a lower opportunity cost compared to
B. that they can produce more quickly than
C. that they can produce less quickly than
D. for which they have a higher opportunity cost compared to
Answer: A
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The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound, the total imports of cherries to the United States from other nations equals
A) 200,000 pounds. B) 400,000 pounds. C) 600,000 pounds. D) 800,000 pounds. E) 0 pounds.
Used cars sell for much less than new cars because
A) of imperfect competition in the automobile industry. B) buyers know much more about the quality of used cars than sellers do. C) sellers know much more about the quality of used cars than buyers do. D) physical depreciation of used cars is very high. E) of licensing arrangements by the government.
By discriminating between the consumers, the monopolist actually takes away a portion of the consumer surplus
a. True b. False Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. A price index is calculated by dividing the cost of a market basket in the base year by the cost of the market basked in the current year. 2. The Consumer Price Index (CPI) and GDP deflator often show opposite trends. 3. Unemployment is usually relatively high at the peak of a business cycle. 4. Most business cycles last a similar length of time. 5. Lagging economic indicators follow economic activity.