A nation must have an absolute advantage in order to have a comparative advantage in producing a good or service
Indicate whether the statement is true or false
FALSE
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Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 30 chicken breasts per hour, while Tom's experience allows him to debone 60 chicken breasts per hour. Both Mike and Tom work 40 hours per week. Their average hourly productivity as a team is ________ chicken breasts.
A. 60 B. 30 C. 45 D. 90
Real GDP per person averaged $150 a year (in 2009 dollars) from 1,000,000 BC until 1620. Then in ________ real GDP began to increase without limit and by 1850 had risen to twice its 1650 level because ________
A) 1650; the Pilgrims arrived in the Americas B) 1750; Columbus arrived in the Americas C) 1650; of the Industrial Revolution D) 1750; of the Industrial Revolution E) 1776; United States was founded
A bank creates money
A) never since it only lends out money it owns. B) when it makes loans. C) when it prints bank notes. D) when it pays out reserves.
A reduction in the money supply will result in:
A) a lower interest rate and more negative output gap B) a higher interest rate and more positive output gap C) a lower interest rate and more positive output gap D) a higher interest rates and more negative output gap