A country that has an absolute advantage in producing all goods will ________
A) have a comparative advantage in some goods but not all
B) produce all goods at lowest opportunity cost
C) have a comparative advantage in all goods
D) not gain from specialization and trade
A
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Suppose that the share of population employed in Country C is 50 percent, and that Countries C and D have the same real GDP per capita. Based on the information in the table, what share of Country D's population must be employed? CountryPopulation (millions)Average Labor Productivity ($)A1002,000B15010,000C7525,000D25050,000E9560,000
A. 100.0 percent B. 75.0 percent C. 12.5 percent D. 25.0 percent
LRAS2 shows a(n) ______.
a. increase in real GDP supplied
b. decrease in real GDP supplied
c. increase in price level
d. decrease in price level
In the Social Security system, the tax receipts from today's workers are
A. used to pay benefits to retired and disabled workers and their dependents today. B. paid into an account in the employee's name and saved and invested for that individual until he or she retires. C. all paid into Medicare. D. paid into the federal government's general revenue to be used for any government expenditure.
Refer to the information provided in Figure 1.5 below to answer the question(s) that follow.
Figure 1.5Refer to Figure 1.5. Panel B shows a curve with a slope that is
A. negative and decreasing. B. positive and decreasing. C. negative and increasing. D. positive and increasing.