If the U.S. enjoys an absolute advantage in agriculture compared to every other country in the world, then
A. agricultural production will take place only in the U.S.
B. the U.S. necessarily has a comparative advantage in agriculture.
C. the U.S. may or may not have a comparative advantage in agriculture.
D. the U.S. necessarily does not have a comparative advantage in agriculture.
C. the U.S. may or may not have a comparative advantage in agriculture.
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As technology advancements have led to more white collar jobs,
A) the labor force participation rate for women has increased over the last 50 years. B) the labor force participation rate for women has decreased since 1960. C) the labor force participation rate for men and women have increased. D) a higher percentage of men of working age have entered the labor force. E) the unemployment rate has steadily fallen.
It has been argued that banks tended not to take full advantage of issuing notes, thereby passing up potential profits because:
a. the profit amounts were small. b. they were not the types of profits conservative bankers wanted to pursue. c. regulations and opportunity costs involved with the issuance itself limited the profits. d. All of the above are correct. e. Only a and c are correct.
A payment for a resource above its opportunity cost is known as: a. an interest payment. b. a sunk cost
c. featherbedding. d. an economic rent.
In the simple Keynesian model, there are three simplifying assumptions. One of these assumptions is:
A) no consumption B) no investment C) no exports or imports D) a and b E) a, b, and c