Which term describes the situation in which a country that can consume more than it can produce as a result of specialization and trade?
a. comparative advantage
b. absolute advantage
c. gain from trade
d. trade advantage
c. gain from trade
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In light of higher gas prices, Skip Miles asks himself if it's worth keeping his 10 cylinder Chevy Suburban. His concern is ultimately about
A) engineering efficiency. B) economic efficiency. C) technical efficiency. D) environmental efficiency.
Among the benefits of privatization of state owned enterprises is
(a) increased employment. (b) improved efficiency. (c) reduced pollution. (d) all of the above. (e) none of the above.
Which of the following would increase the supply of physicians?
a. Increasing the cost of attending medical school. b. More scholarships and grants to cover medical school tuition. c. Increasing the medical school entrance requirements to include 15 hours of economics. d. Making it easier for plaintiffs to prove medical malpractice claims. e. Paying medical schools to eliminate residency opportunities in some specialties.
Which of the following countries has the largest union membership measured as the percentage of civilian employees in unions?
a. The United States. b. Japan. c. The United Kingdom. d. Sweden.