We might predict that Hawaii has a comparative advantage compared to Russia in the production of pineapples because Hawaii has:
A. a climate more suitable for pineapples.
B. more land available to grow them on.
C. more advanced farming technology.
D. less governmental oversight in the pineapple industry.
A. a climate more suitable for pineapples.
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Expected utility theory predicts that individuals will fully insure in actuarily fair markets so long as their tastes are state-independent. How might adverse selection result in some individuals under-insuring?
What will be an ideal response?
Explain how each of the following limits the economic growth of developing nations:
(a) Insufficient capital formation (b) A shortage of human resources (c) A lack of social overhead capital
The short-run Phillips curve is downward sloping but the long-run is a vertical line
a. True b. False Indicate whether the statement is true or false
The aggregate supply curve is
a. a schedule showing the relationship between the price level and the quantity of real GDP supplied. b. usually upward sloping. c. relatively flat at low levels of resource utilization. d. All of the above are correct.