International trade is based on the existence of
A. comparative advantage.
B. perfect advantage.
C. productivity advantage.
D. absolute advantage.
Answer: A
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Expected utility is a weighted average in which the weights are
A) average incomes. B) marginal incomes. C) total incomes. D) probabilities.
Refer to above figure. With a specific tariff of $3 per unit, what is the quantity of Widgets imported?
What will be an ideal response?
If the government cuts the tax rate, workers get to keep
a. less of each additional dollar they earn, so work effort increases, and aggregate supply shifts right. b. less of each additional dollar they earn, so work effort decreases, and aggregate supply shifts left. c. more of each additional dollar they earn, so work effort increases, and aggregate supply shifts right. d. more of each additional dollar they earn, so work effort decreases, and aggregate supply shifts left.
Explain how a higher rate of return on saving could, at least in theory, lead to lower saving