"My brother is better at cooking, better at cleaning, and better at fixing the car than I am." Relative to me, my brother has
A. an absolute advantage in cooking, cleaning, and car repair.
B. more income than me.
C. a comparative advantage in cooking, cleaning, and car repair.
D. more intelligence than me.
Answer: A
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What will be an ideal response?
Holding other things constant, an appreciation of the US Dollar relative to the Chinese Yuan causes the demand for the Yuan to _____________ and the supply for Yuan to __________
a. Increase; decrease b. Increase, increase c. Decrease; Increase d. Decrease; Decrease
In most societies, dollar price acts as the main rationing device. If dollar price weren't the main rationing device, would there still be a need for some rationing device to take its place?
A) No, because with dollar price there would be no scarcity, although shortages would still exist. B) Yes, because there is a need for a rationing device as long as scarcity exists. C) Yes, because there is a need for a rationing device as long as the world's population is so large. D) No, because dollar price creates scarcity and without money price scarcity wouldn't exist. E) none of the above
National income:
A. represents total wages and salaries in an economy. B. equals GDP minus indirect business taxes. C. equals GDP minus depreciation. D. equals C + I + G + (X ? M).