Adam Smith created the theory of comparative advantage
Indicate whether the statement is true or false
FALSE
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A public debt that is owed to foreigners can be burdensome because
A. the payment of interest will necessarily have a deflationary effect on prices in the paying nation. B. the payment of interest will conflict with a nation's foreign aid programs. C. the payment of interest reduces the volume of goods and services available for domestic uses. D. foreign interest rates are persistently higher than domestic interest rates.
Refer to Scenario 10.9. At the profit maximizing level of output, what is the level of consumer surplus?
A) 0 B) 1,800 C) 2,700 D) 3,600 E) 4,800
Cartels are inherently unstable
a. True b. False
Other things the same, we'd expect that a job with less pleasant working conditions pays
a. more; this is known as an efficiency wage. b. more; this is known as a compensating differential. c. less; this is known as an efficiency wage. d. less; this is known as a compensating differential.