Refer to Figure 13-13. What is the output price?
A) P4 B) P3 C) P2 D) P1
A
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Which of the following is false?
a. Once a country has a comparative advantage in producing a good, that comparative advantage will always continue. b. If you can mow the lawn at home faster than your younger brother, you have a comparative advantage over him in mowing the lawn. c. Restrictions on trade will reduce people's degree of specialization according to comparative advantage d. As practice at producing what you have a comparative advantage in makes you better at it, your comparative advantage would tend to increase.
In the long run, all costs are variable
Indicate whether the statement is true or false
If the quantity supplied responds only slightly to changes in price, then
a. supply is said to be elastic. b. supply is said to be inelastic. c. an increase in price will not shift the supply curve very much. d. even a large decrease in demand will change the equilibrium price only slightly.
Briefly comment on the predictions of economists Milton Friedman and Edmund Phelps about the ability to exploit a trade-off between inflation and unemployment
What will be an ideal response?