Economists use the term ______ to refer to the ability to produce a good using fewer inputs than another producer
Fill in the blank(s) with correct word
absolute advantage
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If a public good is financed through Lindahl prices, those whose total willingness to pay for the public good is high will end up paying a higher Lindahl price than those whose total willingness to pay for the public good is low.
Answer the following statement true (T) or false (F)
An economic policy that is based on a flawed theory can, at times, provide a desired outcome
a. True b. False Indicate whether the statement is true or false
The U.S. dollar currently serves as the "unit of account" of major global products
Indicate whether the statement is true or false
Of the collection of supply and demand diagrams in Figure 2.2, which one shows the result of an increase in income if a good is considered normal?
A. Figure 1 B. Figure 2 C. Figure 3 D. Figure 4