Using the economic way of thinking, which of the statements listed below best answers the following question: Why do professional athletes tend to make more money than professional poets?
A) Americans love sports and hate poetry.
B) Poets are less greedy and materialistic than athletes.
C) More people are willing to pay $50 per ticket to see an athletic competition than they are to listen to a poet.
D) The supply of poets is too low.
C
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The primary reason that short-lived shocks can have long-run effects is
A) the nonneutrality of money. B) misperceptions by the public over the actual price level and the expected price level. C) the presence of rational expectations among the public. D) the presence of propagation mechanisms.
In a two-country, two-commodity model, if a country has an absolute advantage in the production of a certain good, it implies that
A. this country has higher labor productivity in the production of this good. B. it is not possible that this country can gain by importing this good from the other country. C. this country also has a comparative advantage in the production of this good. D. this country has greater resources than the other country.