The pursuit of "comparative advantage"
What will be an ideal response?
leads decision makers to employ resources in the most efficient way if the relative costs that decision makers must pay reflect opportunity costs.
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According to the text, critics point out that the costs incurred by firms due to regulations
A) increase production costs. B) lower production costs to the shutdown point. C) reduce taxes too far. D) none of the above.
A person who voluntarily quits his/her job in New York and expects to get a similar job in Los Angeles is an example of:
A. structural unemployment. B. cyclical unemployment. C. durational unemployment. D. frictional unemployment.
Net exports is a negative number whenever
A. a nation's exports of goods and services exceed its imports. B. a nation's imports of goods and services exceed its exports. C. the nation's gross investment is on the decline. D. the nation's gross savings rate is on the decline.
Refer to the graph shown. If the price were somehow held at $8.15 per unit, consumer surplus would then equal:
A. 1,171.5. B. 600. C. 423.5. D. 1,400.