Assume the United States can use a given amount of its resources to produce either 20 airplanes or 8 automobiles and Japan can employ the same amount of its resources to produce either 20 airplanes or 10 automobiles. The U.S. should specialize in
a. airplanes.
b. automobiles.
c. both goods.
d. neither good.
A
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In the classical model, the factors determining output and employment are the factors that ascertain the position(s) of
a. the labor supply curve only. b. the labor demand curve only. c. the aggregate production function. d. both the labor supply curve and the labor demand curve. e. Both c and d
The government sometimes provides public goods because
a. private markets are incapable of producing public goods. b. free-riders make it difficult for private markets to supply the efficient quantity. c. markets are always better off with some government oversight. d. external benefits will accrue to private producers.
How many U.S. labor unions have at least 1.3 million members?
A. 0 B. 2 C. 6 D. 9
Explain how microeconomics is different from macroeconomics.
What will be an ideal response?