Italy has an absolute advantage in the production of which product?
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Why do we need methods of allocating scarce resources?
What will be an ideal response?
Charging "what the traffic will bear" was a tactic commonly pursued by American railroads before they were subjected to regulation
Indicate whether the statement is true or false
Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The unemployment rate is approximately
a. 10 percent b. 12 percent c. 17 percent d. 20 percent e. 25 percent
Which of the following is the most likely outcome of raising the minimum wage?
a. an increase in both the quantity of labor supplied by workers and the quantity of labor demanded by firms b. an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms c. a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms d. a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firms