If a country has a lower opportunity cost of producing oranges, then this is:
a. inefficient resource use.
b. an absolute advantage.
c. a tariff.
d. a comparative advantage.
e. a situation where oranges should be imported.
d
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Since the 1980s the proportion of income received by the top 5 percent of Americans has ____, and the measured income of Americans in the lowest fifth has ____
a. risen; risen b. risen; fallen c. fallen; risen d. fallen; fallen
Assume the market in the graph shown was originally at an equilibrium with demand D and supply S. Suppose Demand shifts and becomes D2. What might have caused such a shift?
A. People expect the price of this good to drop in the near future. B. The good became more popular. C. The good became cheaper to produce. D. Substitutes for this good became less expensive.
From 1996 to 1998, the fall in energy prices could be used
A. to explain why productivity growth increased. B. to indicate improvements in workforce quality. C. to indicate the lack of investment. D. to explain why productivity growth fell.
Which of the following statements is not true?
A. Most automobile loans are secured loans. B. Home mortgage loans are secured loans. C. Credit card loans are secured. D. Secured loans usually carry less risk than unsecured loans.