Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. What is the price of chicken?
A) $0.80/lb
B) $1.25/lb
C) $4/lb
D) $5/lb
D
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Empirical observations on actual North-South trade patterns tend to
A) support the validity of the Heckscher-Ohlin model. B) support the validity of the Leontief Paradox. C) support the validity of the Rybczynski Theorem. D) support the validity of the wage equalization theorem. E) support the validity of the neo-imperialism exploitation theory.
Economy with no productivity growth is called the
A) zero-sum society. B) zero-growth society. C) export-led society. D) doomed-to-fail society.
In a simple majority vote, the losses to the losers are greater than the gains to the winners. It follows that the
A) outcome of the vote is efficient. B) outcome of the vote is inefficient. C) outcome of the vote will be nullified (most likely by the Courts). D) vote has generated net benefits. E) none of the above
The following figure illustrates which of the following? (check all that apply)
a. That the resources used to produce industrial robots and pizzas are perfectly flexible and interchangeable. b. That as one moves to the right and produces more pizzas, the number of robots that must be given up rises. c. That as one moves to the right and produces more pizzas, the number of robots that must be given up remains constant. d. That the resources used to produce industrial robots and pizzas are not perfectly flexible and interchangeable. b. That as one moves to the right and produces more pizzas, the number of robots that must be given up rises.