Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If it is discovered that wapanzo beans help prevent cancer, then supply will ________ and demand will ________
A) become case C; become case 1
B) become case C; stay at case 2
C) stay at case B; become case 1
D) become case A; become case 1
C
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When there is a threat of inflation in the economy, the Fed can ________ the federal funds rate to ________ aggregate demand and ________ the price level
A) raise; decrease; decrease B) lower; increase; increase C) lower; increase; decrease D) raise; increase; decrease E) raise; decrease; increase
Which of the following is true?
a. A nation cannot have a comparative advantage in the production of every good. b. A nation cannot have an absolute advantage in the production of every good. c. A nation can have a comparative advantage in the production of every good, but not an absolute advantage. d. A nation can have a comparative advantage in the production of a good only if it also has an absolute advantage. e. A nation cannot have an absolute advantage in the production of a good unless it also has a comparative advantage.