The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Silvia has a comparative advantage in producing ________, and Art has a comparative advantage in producing ________.
A. beef; beef
B. computers; computers
C. computers; beef
D. beef; computers
Answer: C
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A variable that tends to move at the same time as aggregate economic activity is called
A) a leading variable. B) a coincident variable. C) a lagging variable. D) an acyclical variable.
Wich of the following indiviuals can be counted as Unemployed?
What will be an ideal response?
Selling a good abroad below the price charged in the home market is
A. a basic argument for free trade. B. dumping. C. the infant industry argument. D. a voluntary restraint agreement.
In 2014, tire industry lobbyists pressured the United States government to consider imposing an additional tariff of up to 86% on top of the current 4% tariff on imported Chinese-made tires
This type of behavior where industry lobbyists attempt to influence law for their own economic advantage is called A) deadweight protection. B) blackmail. C) quota manipulation. D) rent seeking.