After Hurricane Katrina destroyed much of the infrastructure of the United States Gulf Coast,
A) labor became more valuable.
B) labor became less valuable because of the capital that had been destroyed.
C) labor became less valuable because FEMA's response wasn't timely.
D) labor became more valuable because of the rebuilding effort.
B
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Suppose Paraguay can produce 12 wheat or 3 corn. Suppose Bolivia can produce 4 wheat or 2 corn. Suppose opportunity costs are constant. Given these production possibilities,
A) Paraguay has a comparative advantage in wheat. B) Paraguay has a comparative advantage in corn. C) Paraguay has a comparative advantage in both goods. D) Paraguay has an absolute advantage in neither good.
Which of the following is true about the price elasticity of demand on the top part of a linear demand curve?
a. Demand is inelastic. b. Demand is unitary elastic. c. It is impossible to tell. d. Demand is elastic.