A country has a comparative advantage over another in the production of gadgets if it can produce
a. more gadgets than can the other country.
b. more gadgets than can any other country.
c. gadgets more efficiently than it can produce any other good.
d. gadgets at lower opportunity cost than can the other country.
d
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A perfectly competitive firm may, under some circumstances, be able to affect the market price.
Answer the following statement true (T) or false (F)
Refer to the figure above. What is the equilibrium employment if the labor demand curve is LD1 and the labor supply curve is LS1?
A) 5 units B) 20 units C) 15 units D) 10 units
If the slope of the aggregate expenditure curve is 0.75, the expenditure multiplier is equal to
A) 1.33. B) 4.00. C) 0.75. D) 0.25. E) 5.00.
Command-and-control regulation, as compared to incentive-based regulation, is:
a. efficient in the short run and in the long run. b. efficient in the short run, but not in the long run. c. inefficient in the short run, but efficient in the long run. d. inefficient in the short run and long run.