The theory of comparative advantage was proposed by
A. Adam Smith.
B. David Ricardo.
C. Eli Heckscher.
D. Karl Marx.
Answer: B
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Without an accepted medium of exchange
A) people would have to rely on gold or silver in order to exchange goods and services. B) goods and services would be exchanged by barter. C) prices are very difficult to determine. D) there would be no trade.
For a small-denomination certificate of deposit to be included in M2 it must be a denomination of less than
A) $1,000. B) $100,000. C) $1,000,000. D) $10,000.
The rule of 72 says that at 6% interest $100 should become $200 in about:
A. 7.2 years B. 100 months C. 12 years D. 72 months
A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 ? Q. What are the profits of the monopoly in equilibrium?
A. $600 B. $500 C. $300 D. $400