Refer to Figure 2-14. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of popsicles?
A) Greenland B) They have the same advantage.
C) Iceland D) cannot be determined
Table 2-20 shows the number of labor hours required to produce a wristwatch and a pound of rice in Japan and Thailand.
A
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Nominal GDP is ________.
A. the amount of production that occurs when the economy is operating at full employment B. the sum of all monetary transactions involving final goods and services that occur in the economy in a year C. the sum of all monetary transactions that occur in the economy in a year D. money GDP adjusted for inflation
At the equilibrium price
a. only sellers who value the product more than the equilibrium price would be willing to sell b. only buyers who value the product less than the equilibrium price would be willing to buy c. only buyers who value the product more than the equilibrium price would be willing to buy d. None of the parties would be willing to trade
The single most important factor that determines market structure is
a. location b. firm size c. number of firms in the industry d. price e. complementarity of the goods
A supply schedule is determined by the wishes of
A. sellers. B. buyers. C. sellers and buyers. D. neither sellers or buyers.