Along the aggregate supply curve
A) the horizontal part represents a situation where the economy is operating above full employment levels.
B) inflation would be a primary concern along the horizontal part of the aggregate supply curve.
C) the horizontal section of the aggregate supply curve represents the limit of production.
D) the middle, upward-sloping part of the aggregate supply curve would be associated with a growing economy that experienced increased prices from resources that are becoming relatively scarce.
Question 2
Suppose that Canada can produce 15 units of timber or 3 units of grain. Suppose that Mexico can produce 6 units of timber or 2 units of grain. Which of the following is CORRECT?
A) Mexico has a comparative advantage in grain production.
B) Mexico has an absolute advantage in timber production.
C) Canada has a comparative advantage in grain production.
D) The countries would find trade mutually beneficial at a trading ratio of 1 grain for 2 timber.
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