Refer to Table 7-2. Select the statement that accurately interprets the data in the table
A) Madison has an absolute advantage in making empanadas and tacos.
B) Austin has an absolute advantage in making empanadas and tacos.
C) Madison has an absolute advantage in making empanadas and Austin has an absolute advantage in making tacos.
D) Madison has an absolute advantage in making tacos and Austin has an absolute advantage in making empanadas.
A
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The demand for durable goods
A) declines by a greater percentage than does GDP during a recession. B) declines by a smaller percentage than does GDP during a recession. C) rises by a greater percentage than does GDP during a recession. D) has decreased over time.
Suppose two neighbors share a park. One neighbor, Al, leaves trash in the park. This bothers the other neighbor, Bert. According to Coase's Theorem, one way to alleviate the externality is that
A) Al is fined by the government. B) Al has the right to leave trash and Bert cannot do anything about it. C) Bert has the right to a clean park and Al cannot leave trash. D) Either Al or Bert owns the park.