Which of the following is NOT considered a determinant of income differences?
A) productivity
B) age
C) discrimination
D) equity or fairness
Answer: D
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Use the following production possibilities frontiers to answer the next question.
Curve (a) is the initial frontier for the economy, and the nation is initially producing combination P. A shift from curve (a) to curve (b) suggests that the economy can then increase its production of capital goods
A. so as to produce the combination L. B. and consumer goods simultaneously, except at the point where the curve intersects the vertical axis. C. but will have to hold constant its production of consumer goods. D. only if it reduces its production of consumer goods.
For a nation to have ________ in producing a good it must have a lower opportunity cost of producing that good than the other country
A) a comparative advantage B) an autarky advantage C) an absolute advantage D) both a comparative advantage and an absolute advantage
According to the graph shown, if this economy were to open to trade, domestic producers would increase:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. production by 75 units.
B. production by 35 units.
C. prices by $5.
D. prices by $11.
Most spells of unemployment are long, and most unemployment observed at any given time is long-term
a. True b. False Indicate whether the statement is true or false