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Assume Aaron and Jose each own a small ranch and each produces milk and cheese. One of them is better than the other at producing both milk and cheese (but we don\'t know who). Which of the statements below cannot be true regarding absolute or comparative advantage?
Jose could have a comparative advantage in producing cheese.
Aaron could have an absolute advantage in producing milk.
Aaron could have a comparative advantage in producing both milk and cheese.
ose could have an absolute advantage in producing cheese.
Jose could have an absolute advantage in producing both milk and cheese.
When can an employee’s religious belief qualify as a bona fide occupational qualification? Do you believe religious hiring is BFOQ? Can a person claim to be discriminated against because of his or her spouse's national origin? Multimatrix, Inc., has ..
How did the goals of the classical gold standard and the goals adopted by the Bretton Woods conferees differ (Include a discussion of priorities for IB and EB)? How were the IB goals for the BW conferees expressed in the structure of the BW system? E..
How could you graphically illustrate economic profits made by a perfectly competitive industry, a monopolist industry and a monopolistic competitive industry.
Sixty percent of the students in an introductory statistics class are female. 70% of the female students in the class are nursing majors, and 30% of the male students are nursing majors. If a student is selected at random from the class, what is the ..
A teacher needs to grade 200 exams. She claims that exams require an average of 12 minutes to grade with a standard deviation of 3 minutes. A random sample of 36 exams is selected. Suppose the sample mean is 11 minutes. What is the probability that t..
Two rms sell identical products and compete as Cournot (price-setting) competitors in a market with a demand of p = 150 - Q. Each rm has a constant marginal and average cost of $3 per unit of output. Compute each rm's best response function. Plot eac..
Fiscal policy involving cutting taxes and/or raising transfers for low-income households will have a multiplier effect on total spending that is:
A firm in an oligopolistic industry has identified two sets of demand curves. If the firm is the only one that changes prices (i.e., other firms do not follow), its demand curve takes the form Q = 82 − 8P. Develop demand schedules for each alternativ..
The price of wine is $10 per bottle, and the price of cheese is $4 per pound. The last bottle of wine added 50 units to Bridget's utility, while the last pound of cheese added 40 units. Is Bridget making the utility-maximizing choice.
Indicate the various components of GDP when it is derived by the resource cost-income approach. Calculate using the resource cost-income approach.
Assume that an economy is characterized by the following equations: C = 100 + (2/3)(Y – T) T = 600 G = 500 I = 800 – (50/3)r Ms/P = Md/P = 0.5Y – 50r. Write the numerical aggregate demand curve for this economy, expressing Y as a function of G, T, an..
If marshmallows and graham crackers are complements in consumption, an increase in the price of marshmallows causes a(n)__ for graham crackers.
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