Juanita, a lawyer, can type faster than Jill, her secretary. Jill, on the other hand, does not have the ability or skills to practice law. Applying the principles of international trade to this situation, an economic consultant advises Juanita to:
a. fire Jill, practice law during the day, and do her own typing at night.
b. practice law and leave all the typing to the secretary.
c. divide her time equally between typing and practicing law.
d. quit practicing law and take a job as a secretary.
e. have Jill attend law school.
b
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In the above figure, the Lorenz curve for income is shown. If the data used are from the United States, and the U.S. Lorenz curve for wealth was added to the diagram, it would be
A) further from the line of equality than the Lorenz curve for income. B) closer to the line of equality than the Lorenz curve for income. C) above the line of equality. D) the same as the Lorenz curve for income.
The balance of payments is
a. the equilibrium result when two countries achieve purchasing power parity. b. an account that records changes in exchange rates between two countries. c. an account that records all economic transactions between a country and all other countries, usually within a year. d. all of the above. e. none of the above.