The table below shows the number of labor hours required to produce one gallon of wine and one pound of cheese in the United States and France. The United States has a comparative advantage in the production of Labor hours to make:In the United StatesIn France1 gallon of wine4.001.001 pound of cheese1.002.00
A. both goods.
B. neither cheese nor wine.
C. only cheese.
D. only wine.
Answer: C
Economics
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When government regulations force a natural monopoly to produce where price equals average total cost, social welfare is
a. maximized b. less than it would be without regulation c. greater than it would be without regulation, but it is not maximized d. exactly the same as it would be without regulation e. minimized
Economics
Suppose that the government reports the following information on violent crime in a certain area: there were 1100 incidents in the base year (2007) and 1155 incidents in 2008 . The person collecting these data wants to present them in the form of an index. What is the index for 2008?
a. 100.0 b. 110.0 c. 116.0 d. 105.0 e. 95.2
Economics