Trade based on comparative advantage benefits:
A. producers in all countries but not consumers.
B. consumers in all countries.
C. neither producers nor consumers.
D. consumers in some countries but hurts consumers in other countries.
Answer: B
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Refer to Figure 28-2. At which point is the unemployment rate equal to the natural rate of unemployment?
A) A B) B C) C D) There is insufficient information on the graph to answer this question.
Compute the elasticity of demand for the demand curve p = 15Q-0.7. Does the elasticity vary with the price?
What will be an ideal response?
The long-run aggregate supply curve is: a. upward sloping
b. downward sloping. c. vertical at full-employment real GDP. d. horizontal at full-employment real GDP.
If we observe a decrease in the price of a good and a decrease in the amount of the good bought and sold, this could be explained by a(an):
a. increase in the supply of the good. b. increase in the demand for the good. c. decrease in the demand for the good. d. decrease in the supply of the good.