Refer to the information provided in Figure 33.2 below to answer the question(s) that follow.
Figure 33.2Refer to Figure 33.2. the theory of comparative advantage suggests that
A. England should export trucks and import cars.
B. the United States should import cars and export trucks.
C. England should export both trucks and cars.
D. the United States should export both trucks and cars.
Answer: A
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Because new plastic and recycled plastic are substitutes, as the price of newly produced plastic decreases
A) the demand curve for recycled plastic shifts to the left. B) there is a movement up along the demand curve for recycled plastic. C) there is a movement down along the demand curve for recycled plastic. D) the demand curve for recycled plastic shifts to the right.
Which of the following industries has a marginal cost that is close to zero?
a. automobile b. aircraft c. software d. furniture
In Figure 21.4, a firm that produces between 600 and 800 units per period should choose a plant with a short-run average total cost function of
A. ATC2 only. B. ATC3 only. C. ATC2 or ATC3. D. ATC1 only.