When one country can produce a given amount of a good using fewer inputs than any other country,
A. Specialization will definitely increase worldwide consumption possibilities.
B. It always has a comparative advantage in producing the good.
C. Specialization will definitely increase worldwide production possibilities.
D. It has an absolute advantage in producing the good.
Answer: D
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Unlike a "service," a "good"
a. is desirable b. uses resources to satisfy wants c. is physical and tangible d. is abundant and free e. is a resource
Which of the following statements about unionization is true?
A. The public sector is not heavily unionized compared to the private sector. B. Union membership has risen in the last 50 years as a result of globalization. C. Work stoppages due to strikes have become less common, and shorter, in the last 50 years. D. Labor unions can increase wages but have virtually no impact on benefits.
An example of a seasonally unemployed worker would be
A) a software engineer who is laid off because of declining demand for the software he writes. B) a day care provider who quits his job to go back to school. C) a General Motors employee loses her job because the company is downsizing its work force. D) a ski lift operator who loses his job when the snow melts in the spring. E) a mother who quits her job to stay home with her children.
If 1 U.S. dollar exchanges for 122.57 Japanese yen, how much would it cost in U.S. dollars and cents to purchase a Toyota Camry priced at 2 million yen?
What will be an ideal response?