Cross-sectional data observed at several points in time is known as:
A) time series data.
B) panel data.
C) experimental data.
D) none of the above.
B
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If the market in the figure above changes from perfectly competitive to a profit-maximizing single-price monopoly, the amount of the gain in producer surplus is the area ________
A) ABH B) BFGH C) ACG D) BDEH E) ACE
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian workercan produce 10 pairs of shoes or grow 20 apples per day. Which of the following statements is true? The United States has an absolute advantage:
A. and a comparative advantage in the production of shoes. B. and a comparative advantage in the production of apples. C. in the production of both goods and a comparative advantage in the production of neither good. D. in the production of both goods and a comparative advantage in the production of both goods.