# Laurence both programs and sunglasses table coffee

• Test Prep
• 13
• 100% (1) 1 out of 1 people found this document helpful

This preview shows page 4 - 9 out of 13 pages.

Laurence; both programs and sunglasses.
(Table: Coffee and Salmon Production Possibilities II) Look at the table Coffee and Salmon Production Possibilities II. This table shows the maximum amounts of coffee and salmon, both measured in pounds, that Brazil and Alaska can produce if they just produce one good. Brazil has a comparative advantage in producing: To achieve the gains from trade, each nation should specialize in the production of a good or
service if: Which of the following is FALSE about the circular-flow diagram?
Which of the following is a normative statement? Unemployment decreased to its lowest level in 10 years last month. This statement is:
Economists who are asked to choose between two government policies may disagree because:
to produce wheat, it can produce 500 tons of wheat and no steel. If it uses all of its resources to produce steel, it can produce 250 tons of steel and no wheat. If country B spends all of its available resources producing wheat, it can produce 400 tons of wheat, and if it spends all of its resources on the production of steel, it can produce 400 tons of steel. country A and country B will gain if they both specialize in the good in which they have a comparative advantage.
A decrease in the price of a good will result in:
If goods A and B are substitutes, a decrease in the price of good B will:
If the demand for tires goes down when the price of gas goes up, then tires and gas are:
Assuming that desktop computers are normal goods, which of the following will NOT increase demand for desktop computers?
(Figure: Supply of Coconuts) Look at the figure Supply of Coconuts. If the prices of inputs (e.g., labor, fertilizer, and fuel) used to produce and transport coconuts decreased, it would be represented in the figure as a movement from:
(Table: Supply of Lemonade) Look at the table Supply of Lemonade. If the price of lemonade is \$1 per cup, the total quantity of lemonade supplied will be:
If the price of a commodity increases, you can expect the:
A leftward shift of a supply curve is caused by: