Assume, for the U.S., that the domestic price of beef without international trade is lower than the world price of beef. This suggests that with trade,
a. the U.S. has a comparative advantage in the production of beef over other countries and the U.S. will export beef.
b. the U.S. has a comparative advantage in the production of beef over other countries and the U.S. will import beef.
c. other countries have a comparative advantage over the U.S. in the production of beef and the U.S. will export beef.
d. other countries have a comparative advantage over the U.S. in the production of beef and the U.S. will import beef.
A
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The Keynesian explanation of the Great Depression focuses on
a. large rises in government spending. b. large increases in taxes c. large increases in planned investment. d. an increase in expectations.
The short run sequence of events following an unanticipated shift to a more expansionary monetary policy would be
a. lower interest rates, decrease in aggregate demand, and a reduction in output. b. lower interest rates, increase in aggregate demand, and an expansion in output. c. higher interest rates, decrease in aggregate demand, and a reduction in output. d. higher interest rates, increase in aggregate demand, and an expansion in output.
Which statement is false?
A. The monopolist's demand and marginal revenue curves are two separate curves. B. The monopolist can sell more output only by lowering price. C. The monopolist produces at the minimum point of its ATC curve. D. None of these statements are false.
When majority rule voting is used to determine whether to purchase a public good,
A) the efficient outcome is not assured. B) the median voter gets her way. C) the sum of the marginal benefits is ignored. D) All of the above.