In international trade jargon, constant-cost production-possibility curves are associated with ________ specialization, while increasing-cost production-possibility curves are associated with ________ specialization.
A. complete; partial
B. no; partial
C. partial; complete
D. complete; no
Answer: A
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Which of the following statements is true?
A) Economic growth always reduces poverty. B) Economic growth is ineffective in reducing both poverty and inequality. C) Economic growth always reduces inequality. D) Economic growth can reduce poverty only if it is not associated with a significant rise in inequality.
Suppose there are only two kind of cars in the market for used cars: lemons and good cars. A lemon is worth $1,000 both to its current owner and to anyone who buys it. A good car is worth $8,000 to its current and potential owners
Buyers can't tell whether a car is a lemon until after they have bought the car, and there is no warranty. What is the prevailing price of a used car? A) $8,000 B) $1,000 C) $4,500 D) The prevailing price depends on how many lemons and how many good cars are traded.
The figure above shows a labor market. If there is a monopsony in this labor market, then increasing the minimum wage from $3 per hour to $5 per hour
A) will increase the quantity of labor employed. B) will leave unchanged the quantity of labor employed. C) will decrease the quantity of labor employed. D) could increase, decrease, or leave unchanged the quantity of labor employed.
A load fund
A) charges a commission for purchases or sales. B) is not obligated to redeem shares issued. C) earns income only from management fees. D) issues shares that may sell at a discount to the market value of the underlying assets.