The concept of comparative advantage applies:
a. only to people with at least a high school diploma.
b. only to people who are currently employed.
c. to situations in which you have information about the salary levels of those with whom you are competing for a job.
d. to every case of trade or exchange.
e. only to goods that are sold in the domestic market.
Ans; d. to every case of trade or exchange.
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Compared to the 1950-1973 period, output per worker ________ in the 1974-1995 period.
A. increased more rapidly B. decreased more slowly C. increased more slowly D. decreased more rapidly
The optimal bidding strategy for a second-price auction is
a. To bid your true value b. To shade your bid well below your true value c. To shade your bid just a little below your true value d. To size up your competition to determine how much to shade your bid
"The value of the next best alternative" defines
A. the Law of Increasing Costs. B. the economic problem. C. allocative efficiency. D. opportunity cost.
Which statement is true?
A. Perfect price discrimination is very common. B. Perfect price discrimination would eliminate consumer surplus. C. Charging different prices to senior citizens, children, and adults under 65 is an example of perfect price discrimination. D. None of the statements are true.