Refer to the table above. Spain has comparative advantage in
A) grapes.
B) textiles.
C) both grapes and textiles.
D) neither grapes nor textiles.
A
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Assume that each day a firm uses 13 employee-hours and an office to produce 100 units of output. The price of each unit output is $5, the hourly wage rate is $10, and rent on the office is $200 per day. Each day the firm earns a ________ of ________.
A. loss; $200 B. profit; $370 C. profit; $170 D. loss; $170
The Lorenz curve is a geometric representation of
A) the profile of earnings for a "typical" family over time. B) the standard of living experienced by the poor in a country. C) the difference between pre-tax and post-tax income. D) the distribution of income.
When demand is elastic
A. producers react quickly to price changes. B. the proportional change in quantity demanded is equal to the proportional change in price. C. quantity demanded is very responsive to a change in price. D. quantity demanded is not very responsive to a change in price.
Which of the following pairs provides examples of complementary goods?
A. Cars and trucks B. Coffee and tea C. Butter and margarine D. Cars and tires