A nation's comparative advantage in the production of an item is determined by
A. which country has already specialized in production of the item.
B. the total and marginal costs of producing the item.
C. the opportunity cost of producing the item relative to a trading partner's opportunity cost of producing the same item.
D. specialization in the production of all goods.
C. the opportunity cost of producing the item relative to a trading partner's opportunity cost of producing the same item.
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Negative autocorrelation in the change of a variable implies that
A) the variable contains only negative values. B) the series is not stable. C) an increase in the variable in one period is, on average, associated with a decrease in the next. D) the data is negatively trended.
A union may attempt to obtain stricter certification requirements or longer apprenticeships. These changes would raise workers' wages because they:
a. create unnecessary unemployment. b. shift in labor supply curve leftward. c. decrease the marginal product of labor. d. reduce management's use of featherbedding.