Refer to the accompanying figure. If Pat and Chris each spend half their time on each task, then:
A. they will plant more bulbs and remove fewer bags of trash than if they had each specialized in the task at which they have a comparative advantage.
B. the outcome will be efficient.
C. the outcome will be unattainable.
D. they will plant fewer bulbs and remove fewer bags of trash than if they each had specialized in the task at which they have a comparative advantage.
Answer: D
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The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.73, then
A) there is a surplus of gasoline in Tulsa. B) there is a shortage of gasoline in Tulsa. C) the gasoline market in Tulsa is in equilibrium. D) without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa. E) there is neither a surplus nor a shortage, but the market is NOT in equilibrium.
Under a system of fixed exchange rates, what happens if a country's currency is overvalued?
A) The central bank loses official reserve assets. B) The central bank gains official reserve assets. C) The currency appreciates. D) The exchange rate rises.
Which of the following influences bond ratings?
a. the strength, breadth, and reliability of the tax base b. the historical performance of the revenue stream c. the risk associated with the project d. the underlying economic strength of the stadium or arena or the community e. all of these
Discouraged workers are officially
A. unemployed. B. employed. C. not in the labor force. D. in the labor force.