Which theory says countries gain by specializing where they have the lowest opportunity cost?
Answer
Comparative advantage
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Which theory says countries gain by specializing where they have the lowest opportunity cost?
Answer
Comparative advantage
Which 1936 book is the founding text of Keynesian macroeconomics?
Answer
The General Theory
What theory states that if one optimal condition is not met, achieving other optimal conditions may not improve welfare?
Answer
Theory of the second best
What theory models frictional unemployment by analyzing the process of job seekers and employers finding each other?
Answer
Search theory
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Who published The Wealth of Nations in 1776?
Answer
Adam Smith
Which 1936 book is the founding text of Keynesian macroeconomics?
Answer
The General Theory
What theory states that if one optimal condition is not met, achieving other optimal conditions may not improve welfare?
Answer
Theory of the second best
What macroeconomic theory attributes business cycles to real shocks, such as changes in technology or productivity?
Answer
Real business cycle theory
What theorem predicts that in a majority-rule election, the outcome matches the preference of the median voter?
Answer
Median voter theorem
What branch of economics applies economic analysis to political decision-making?
Answer
Public choice theory
What theory suggests that paying workers above-market wages can increase productivity and reduce turnover?
Answer
Efficiency wage theory