If the United States can produce both wine and chocolate at a lower resource cost than France,
a. both countries can still benefit from specialization and international trade
b. only the United States can benefit from specialization and international trade
c. only France can benefit from specialization and international trade
d. neither country can benefit from specialization and international trade
e. there will be unknown effects of specialization and international trade
A
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In the table above, what is the equilibrium wage rate in an unregulated market?
A) $8.00 per hour B) $9.00 per hour C) $10.00 per hour D) $11.00 per hour
Suppose there is no unemployment in the economy and society decides that it wants more of one good. Which of the following statements is true?
A) It can only achieve this with an advance in technology. B) It will have to give up production and consumption of some other good. C) It can only achieve this with an increase in resource supplies. D) It can increase output without giving up another good.