To produce 100 bushels of wheat, Farmer A requires fewer inputs than does Farmer B. We can conclude that Farmer A has an absolute advantage over Farmer B in producing wheat
a. True
b. False
Indicate whether the statement is true or false
True
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Except for recessions, the duration of unemployment for the typical person lasts
A) less than six months. B) six to nine months. C) over nine months. D) over one year. E) over five years.
Unions have the power to
a. set all working rules. b. increase the firm's total taxes. c. push wages above competitive levels at times. d. make a firm nationalized.
The gains from specialization and trade are based on ______ advantage
Fill in the blank(s) with correct word
Prior to the Great Depression, classical economists believed that a recessionary downturn would be reversed by:
A. higher wages and prices. B. lower wages and prices. C. an expansionary monetary policy on the part of the Federal Reserve System. D. an increase in government spending that would stimulate aggregate demand.