If an owner of a copy center is interested in knowing which of her employees can make the most copies in one hour, she wants to understand _____.
(A) Which employee has the absolute advantage in making copies.
(B) The opportunity cost of employees making copies .
(C) Which employee has the comparative advantage in making copies.
(D) The resource distribution of her copy center.
Ans: (A) Which employee has the absolute advantage in making copies.
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The rational expectations theory indicates that expansionary policy will:
a. stimulate real output in the long run but not in the short run. b. expand real output and employment if the public quickly anticipates the effects of the expansionary policy. c. equalize real and nominal interest rates during lengthy periods of inflation. d. fail to increase employment because individuals will anticipate it and take actions that will offset its impact.
The fastest growing economy between 1870 and 1979 was
A. the United Kingdom. B. the United States. C. Japan. D. Brazil.