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Macroeconomics
The concept of comparative advantage makes the assumption that everyone will be better off
a) producing enough of a specific final good to export.
b) producing the products they produce relatively best.
c) producing enough of a good to consume domestically with enough to export.
d) producing only products they can produce with greater output than any other country.
a) producing enough of a specific final good to export.
b) producing the products they produce relatively best.
c) producing enough of a good to consume domestically with enough to export.
d) producing only products they can produce with greater output than any other country.
Macroeconomics
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What is the benefit of the U.S. producing only Product B and Japan producing only Product A?
a) Because of comparative advantage, both countries can produce a greater amount of products.
b) Because of absolute advantage, both countries can produce a greater amount of products.
c) The two countries can produce enough of all products individually to meet all of their needs.
d) The total output of product B increases by 300,000 total units.
What is the benefit of the U.S. producing only Product B and Japan producing only Product A?
a) Because of comparative advantage, both countries can produce a greater amount of products.
b) Because of absolute advantage, both countries can produce a greater amount of products.
c) The two countries can produce enough of all products individually to meet all of their needs.
d) The total output of product B increases by 300,000 total units.
Macroeconomics
According to the law of comparative advantage, which of these would help improve Colombia's economy?
a) increased government spending
b) increased taxes on personal property
c) reducing the number of government employees
d) establishing free trade agreements with other countries
a) increased government spending
b) increased taxes on personal property
c) reducing the number of government employees
d) establishing free trade agreements with other countries
Macroeconomics
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(Make sure to select all of the correct answer choices for this question!)
(Make sure to select all of the correct answer choices for this question!)
Macroeconomics
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How will the Senator's plan spur economic growth?
a) The business community will support the plan.
b) Using tax breaks will allow businesses to upgrade outdated equipment.
c) Employers can use 100% of all their taxes to purchase new equipment.
d) Businesses will be able to save the money they will receive back from taxes.
How will the Senator's plan spur economic growth?
a) The business community will support the plan.
b) Using tax breaks will allow businesses to upgrade outdated equipment.
c) Employers can use 100% of all their taxes to purchase new equipment.
d) Businesses will be able to save the money they will receive back from taxes.
Macroeconomics
What is the step by step process of making money in the United States?
Macroeconomics
How does opportunity cost to education contribute to low school enrollments in developing countries?
Macroeconomics
Discuss to what extend should monetary policy be used to fine-tune the economy?
Macroeconomics
When the iPhone was launched in the second quarter of 2008, it was priced at $599, and
Apple sold 270,000 units during this quarter. In mid-September of that year, Apple reduced
the price to $434, and sales rose to 1,119,000 during this next quarter. Without even doing
any calculation, these figures clearly show that Apple& rsquo;s demand was very elastic. How reliable
do you think this estimate is? What other factors do you think should be taken into account
for a more complete assessment of iPhone& rsquo;s elasticity?
Apple sold 270,000 units during this quarter. In mid-September of that year, Apple reduced
the price to $434, and sales rose to 1,119,000 during this next quarter. Without even doing
any calculation, these figures clearly show that Apple& rsquo;s demand was very elastic. How reliable
do you think this estimate is? What other factors do you think should be taken into account
for a more complete assessment of iPhone& rsquo;s elasticity?
Macroeconomics
State the factors affecting price elasticity of demand
