If 50 units of resources can produce either 1 ton of sugar beets or 100 lb. of ham in Germany, while 90 units of resources can produce either 2 tons of sugar beets or 300 lb. of ham in Poland,
a. Poland has a comparative advantage in producing both goods
b. Germany has a comparative advantage in producing sugar beets
c. neither country has an absolute advantage in producing sugar beets, but Poland has an absolute advantage in producing ham
d. Germany can produce more ham than Poland can
e. mutually beneficial international trade is not possible
B
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Along the long-run aggregate supply curve, the level of RGDP supplied ____ with increases in the price level
a. does not change b. increases c. decreases slightly d. decreases dramatically
What is the difference between actual investment (as defined in GDP) and planned investment?
a. Planned investment does not include unplanned inventory changes; actual investment does. b. There is no difference; they are the same. c. Planned investment does not include depreciation; actual investment does. d. Planned investment includes inventories; actual investment does not. e. Planned investment includes depreciation; actual investment does not.
Consider the labor market depicted in the above figure. The competitive equilibrium would be for ________ hours of employment
A) 200 B) 400 C) 600 D) None of the above answers is correct.
If a Cournot duopolist announced that it will double its output
A) it becomes the leader. B) the other firm does not view the announcement as credible. C) the other firm will shut down. D) the other firm will double output also.