Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Country B has the _______________ advantage in the production of tablets, which means they should specialize in __________________.
A. comparative; tablets
B. absolute; tablets
C. comparative; iPods
D. absolute; iPods
A. comparative; tablets
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The most narrowly defined monetary aggregate is
A) M0. B) M1. C) M2. D) L.
The central bank of the United States is the
a. Federal Reserve Banking System b. First National Bank c. Comptroller's Bank d. United States National Bank e. U.S. Treasury Bank
If the GDP deflator in 2009 was 150 and the GDP deflator in 2010 was 175, then the inflation rate in 2010 was 25%
a. True b. False Indicate whether the statement is true or false
A state of rational ignorance
A) is a reflection of too little education. B) makes sense only if information is a free good. C) exists only in ideal representative democracies. D) makes sense when the costs of becoming informed are greater than the benefits. E) none of the above