The concept of ________ explains how trade between two countries can make each better off
A) absolute advantage B) autarky
C) trade barriers D) comparative advantage
D
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During the late 1960s, U.S. defense spending increased as the United States fought in Vietnam. This increase in government expenditure on goods and services most likely created
A) an inflationary ga
The higher the concentration ratio is in an industry, the more likely it is that
A) the industry is perfectly competitive. B) the market share of the smallest four firms is larger. C) the market share of the largest four firms is smaller. D) the industry has an oligopoly.
The long-run Phillips curve is a
A) straight line with a 45 degree slope showing the long-run relationship between the inflation rate and the expected inflation rate. B) vertical line that shows the relationship between inflation and unemployment when the economy is at full employment. C) vertical line indicating a positive relationship between inflation and unemployment. D) horizontal line indicating a positive relationship between inflation and unemployment. E) horizontal line that shows the relationship between inflation and unemployment when the economy is at full employment.
The figure above shows the market for annual influenza immunizations the United States. Area A + Area B is the
A) deadweight loss when there is not the illustrated subsidy. B) loss in efficiency from the illustrated subsidy. C) gain in efficiency from the illustrated subsidy. D) remaining deadweight loss when there is the illustrated subsidy. E) equilibrium with the illustrated subsidy.