In an hour Jane can solder 50 connections or inspect 20 parts while Jim can solder 25 connections or inspect 20 parts in an hour
A) Jane has a comparative advantage over Jim in both soldering and inspecting.
B) Jane has a comparative advantage over Jim in soldering while Jim has a comparative advantage in inspecting.
C) Jim has a comparative advantage over Jane in soldering while Jane has a comparative advantage in inspecting.
D) Jim had a comparative advantage over Jane in both soldering and inspecting.
B
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If consumption increases by $9 when disposable income increases by $10, the marginal propensity to consume (mpc) equals:
A. 0.1. B. 1.0. C. 9.0. D. 0.9.
Credit cards such as Visa and Mastercard are
a. money because they serve as a medium of exchange: it's much like "if it looks like a duck, walks like a duck, and quacks like a duck . . . it's a duck!" b. money because they are issued by financial institutions, such as banks, and are accepted almost everywhere in place of currency c. accepted by merchants as if they were money, and therefore they are money d. as liquid as currency, and therefore they are money e. convenient but not money because what you are really using when you use a card is your checking account which is the money
The fact that monopolistically competitive firms charge a price that exceeds marginal cost is responsible for the
a. business-stealing externality that is observed in monopolistically competitive markets. b. product-variety externality that is observed in monopolistically competitive markets. c. inefficiencies of the long-term losses earned by monopolistically competitive firms. d. persistence of positive profits into the long run for monopolistically competitive firms.
An American farmer today feeds over ______ people.
A. 15 B. 30 C. 50 D. 100