Absolute advantage is the basis for gains from trade
Answer the following statement(s) true (T) or false (F)
Answer : False
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The study by economists Cox and Alm found
a. inequality in consumption is much smaller than inequality in annual income. b. inequality in consumption is slightly smaller than inequality in annual income. c. inequality in consumption is slightly larger than inequality in annual income. d. inequality in consumption is much larger than inequality in annual income.
Based on the graphic for perfect competition versus monopoly, the welfare for perfect competition is ______ the welfare for monopoly.
a. greater than
b. less than
c. equal to
d. the opposite of
The modern view of technological advance is that it:
A. is rooted in the independent advance of science, an element largely external to the market system. B. is rarely carried out by oligopolists or pure monopolists. C. is an internal element of capitalism, occurring in responses to profit incentives. D. necessarily destroys existing monopoly power.
If the aggregate supply is ________, an increase in the price level does not change the unemployment rate.
A. positively sloped B. horizontal C. negatively sloped D. vertical