Refer to Table 7-6. Which country has an absolute advantage in producing swords?
A) Estonia B) Morocco C) both countries D) neither country
A
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What are economies of scale and diseconomies of scale? How do they arise? What do they imply for the shape of the LRAC curve?
What will be an ideal response?
A barber shop produces 192 haircuts a day. Each barber in the shop works 8 hours per day and produces the same number of haircuts per hour. If the shop's productivity is 2 haircuts per hour of labor, then how many barbers does the shop employ?
a. 8 b. 12 c. 16 d. None of the above is correct.
Real GDP is most commonly used to monitor short-run changes in
a) economic activity. b) the rate at which a person can trade the currency of one country for the currency of another. c) the income distribution over time. d) the price index from the preceding period.
In a flexible exchange rate system, which of the following would NOT cause the U.S. dollar to depreciate relative to the British pound?
A) a decrease in demand for British goods in the United States B) an increase in demand for British goods in the United States C) a decrease in British demand for U.S. exports D) a shift to the left in the supply of British goods to the United States