During a recession the:
a. actual budget deficit is smaller than the structural budget deficit.
b. cyclical budget deficit is larger than the structural budget deficit.
c. actual budget deficit is larger than the structural budget deficit.
d. structural budget deficit is larger than the cyclical budget deficit.
e. none of the above.
C
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Graphically, the average productivity of labor would be illustrated by the slope of the marginal productivity curve at the relevant point
a. the slope of the total product curve at the relevant point. b. c. the negative of the slope of the marginal productivity curve at the relevant point. d. the slope of the chord connecting the origin with the relevant point on the total output curve.
If a nation does not have an absolute advantage in producing anything, it
a. has no comparative advantage either. b. will have a comparative advantage in the activity in which it is least inefficient. c. will try to get along without trade. d. will export raw materials and import finished products.