"Now that Blake paints the broad surfaces and I do the trim work, we can paint a house in three-fourths the time that it took for each of us to do both." This statement most clearly reflects
What will be an ideal response?
the law of comparative advantage.
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Jamie is preparing to take his SAT tests. The table above shows how Jamie's score depends on the number of hours a week Jamie studies
a. Plot the relationship in the figure, putting the hours studied on the horizontal axis. b. Is the relationship you plotted positive or negative? c. What happens to the slope of the relationship as hours studied increase? d. Suppose Jamie can enroll in an SAT prep course and, by so doing, for every possible number of hours he studies, his score will be 100 points higher. Plot the new relationship between the number of hours studied and Jamie's SAT score in the figure. e. How many variables are involved in the figure you just completed?
What does a production possibilities curve (PPC) show? What is the difference between a PPC that is linear and a PPC that is curved away from the origin?
What will be an ideal response?
If the demand for a product increases and the supply of the same product decreases, the equilibrium price will increase
Indicate whether the statement is true or false
Suppose the U.S. dollar depreciates, and there is no change in monetary policy. Which of the following is a correct description of the short-run consequences?
A) output, inflation, and the real interest rate have all increased B) output, inflation, and the real interest rate have returned to their original values C) output and inflation are higher, while the real interest rate has fallen D) output and inflation have returned to their original values, while the real interest rate is increased