Refer to Table 9-4. Use the table above to select the statement that accurately interprets the data in the table
A) Bill has an absolute advantage in picking berries and catching fish.
B) Rob has an absolute advantage in picking berries and catching fish.
C) Bill has an absolute advantage in picking berries and Rob has an absolute advantage in catching fish.
D) Rob has an absolute advantage in picking berries and Bill has an absolute advantage in catching fish.
C
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Figure 14-3
Suppose the economy was currently operating at SRAS and AD2 in . To combat inflation, the Fed institutes restrictive monetary policy. Suppose that by the time the policy impacts the economy, AD has already moved to AD1. Which of the following would be true?
a.
The policy would cause the economy to fall further into a recession than it would have if the Fed had not undertaken the policy.
b.
The policy will help by preventing the recession from becoming worse.
c.
The policy would cause the economy to go into an economic boom.
d.
This is a trick question; the impact of monetary policy is felt immediately by the economy.
What are the characteristics of an oligopoly?
What will be an ideal response?