Use the above table. If these two countries, Alpha and Beta, specialize based on comparative advantage
A) Alpha will specialize in cookies, and Beta will specialize in coffee production.
B) Alpha will specialize in producing both items.
C) Beta will specialize in producing both items.
D) Alpha will specialize in coffee, and Beta will specialize in cookies.
D
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Suppose the government imposed a minimum price in a market and a reporter for a local newspaper wrote a story on it. The headline on the story would read:
a. Government Action Calls For Ration Coupons b. Rationing Price Replaces Market Price c. Price Ceiling Replaces Equilibrium Price d. Price Floor Replaces Equilibrium Price e. Equilibrium Price Lowered
Which of the following experiments will yield observations that would allow one to calculate the marginal physical product of labor?
a. increase the number of lumberjacks with chain saws and observe the change in output of cut trees b. increase the number of workers on an assembly line and record the change in output c. Both a and b are correct. d. Neither a nor b are correct.