Prior to 1995 productivity growth in Europe was ________ in the United States
A) higher than
B) lower than
C) same as
D) None of the above
A
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Answer the following statement(s) true (T) or false (F)
1 A farmer has a comparative advantage at growing wheat if his cost of growing wheat is smaller than his cost of growing any other crop. 2. A farmer has a comparative advantage at growing wheat if his cost of growing wheat is less than the cost of another farmer growing wheat. 3. By definition, someone who has an absolute advantage must also have a comparative advantage. 4. If there are only two activities on which a person can work, and there are two people to do the work, then it is impossible for one person to have a comparative advantage in both activities. 5. By definition, someone who has a comparative advantage in producing soft drinks must also have an absolute advantage in producing soft drinks.
What does it mean for an industry to be considered an increasing cost industry?
What will be an ideal response?
What will happen to the annual rate of growth of per capita real Gross Domestic Product (GDP) if real GDP grows at a constant rate of 4 percent and the annual rate of population growth goes from 3 percent to 3.5 percent?
A. The annual rate of growth of per capita real GDP will remain unchanged. B. The annual rate of growth of per capita real GDP will decrease from 1 percent to 0.5 percent. C. The annual rate of growth of per capita real GDP will increase from -1 percent to -0.5 percent. D. The annual rate of growth of per capita real GDP will increase from 7 percent to 7.5 percent.
To estimate the cost of the September 11, 2001 terrorist attacks, which of the following concepts would be used to calculate the value of lost lives?
A. The fallacy of composition B. The concept of acceptable risk C. The total value of lost earnings D. The present value of lost earnings