Adam Smith argued that a nation would be wealthier if it engaged in

Explain the relationship between the aggregate supply curve and the Phillips curve

What will be an ideal response?

Which of the following is false?

a. Once a country has a comparative advantage in producing a good, that comparative advantage will always continue. b. If you can mow the lawn at home faster than your younger brother, you have a comparative advantage over him in mowing the lawn. c. Restrictions on trade will reduce people's degree of specialization according to comparative advantage d. As practice at producing what you have a comparative advantage in makes you better at it, your comparative advantage would tend to increase.