The population of individuals at least 16 years of age can be broken into 3 groups. They are
A) the unemployed, discouraged workers, and retirees.
B) those employed full-time, those employed only part-time, and the unemployed.
C) those working in the for-profit sector, those working in the nonprofit sector, and individuals who are unemployed.
D) none of the above.
D
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Alternate Outputs from One Day's Labor Input: United States: 12 bushels of wheat or 3 yards of textiles. Great Britain: 3 bushels of wheat or 12 yards of textiles. From the data above, the United States
a. has an absolute advantage over Great Britain in the production of textiles. b. has an absolute advantage over Great Britain in the production of wheat. c. has a comparative advantage in the production of textiles d. should export textiles to Great Britain.
The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as
a. quantity demanded b. demand c. supply d. quantity supplied e. opportunity cost