The difference between what can be produced and consumed without specialization and trade and with specialization and trade is called:
a. comparative advantage.
b. a tradeoff.
c. marginal cost.
d. opportunity cost.
e. gains from trade.
e
Economics
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"Last October, due to an early frost, the price of a pumpkin increased by 10 percent compared to the price in the previous Halloween seasons. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million"
Based on this statement, the A) demand for pumpkins is elastic. B) demand for pumpkins is inelastic. C) demand for pumpkins is unit elastic. D) demand curve for pumpkins shifted rightward.
Economics
Expansionary monetary policy refers to the Fed's increasing the money supply and increasing interest rates to increase real GDP
Indicate whether the statement is true or false
Economics