According to Figure 6.1, in postwar U.S history ________
A) productivity growth was always exceeded by labor growth
B) labor growth has always exceeded capital growth
C) productivity growth has always exceeded capital growth
D) output growth has always exceeded productivity growth
D
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Suppose a country abandons a no-trade policy in favor of a free-trade policy. If, as a result, the domestic price of beans increases to equal the world price of beans, then
a. that country becomes an exporter of beans. b. that country has a comparative advantage in producing beans. c. at the world price, the quantity of beans supplied in that country exceeds the quantity of beans demanded in that country. d. All of the above are correct.
What does "there is no such thing as a free lunch" mean in economics?
A. That scarce resources are used up to provide "freebies" and giveaways B. That sometimes people may take friends out to lunch and pay for them C. That all items in the lunch menu have specific prices D. That products only have value because people are willing to pay for them