The ability to produce a good or service using fewer resources than other producers use is known as
a. absolute advantage.
b. comparative advantage.
c. comparative specialization.
d. absolute specialization.
a. absolute advantage.
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Most economists see the business cycle
A) as a regular pattern of recessions and expansions of the same length and intensity. B) occurring as a result of anticipated macroeconomic changes in the marketplace. C) as randomly occurring, resulting from unpredictable long-run changes in the macroeconomy. D) as resulting from the response of households and firms to macroeconomic shocks.
Productivity in the services industry may be underestimated because measurements of productivity do not take into account the quality of the service provided
a. True b. False Indicate whether the statement is true or false
In the above figure, assuming Firm 1 and Firm 2 are the sole producers in the industry, the industry quantity supplied at price P1 is equal to
A. Q1 + Q2. B. Q4 - Q2. C. Q1 + Q3. D. Q2 + Q4.
Refer to the information provided in Figure 1.5 below to answer the question(s) that follow.
Figure 1.5Refer to Figure 1.5. Panel B shows a curve with a slope that is
A. negative and decreasing. B. positive and decreasing. C. negative and increasing. D. positive and increasing.