A country with a lot of human capital is likely to have a comparative advantage in highly technical goods.
Answer the following statement true (T) or false (F)
True
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Assume equilibrium real GDP per year is equal to full-employment real GDP. If aggregate demand falls, then
A) the price level will increase in the short run and decrease in the long run. B) long-run aggregate supply will eventually decrease too. C) there will be an expansionary ga
In the United States, price-fixing cartels are
a. ubiquitous b. nonexistent c. generally illegal d. discouraged the Department of Labor e. dominant in small industries with large numbers of firms
The M1 measure of money includes which of the following?
A. Interest payments B. Savings account deposits C. Excess reserves D. Currency in circulation
If the nominal wage rises by 4 percent, and the price level rises by 7 percent, the real wage will:
A. be unaffected. B. rise by 3 percent. C. fall by 3 percent. D. rise by 11 percent.