Refer to the table above. Country B has absolute advantage in
A) Good X.
B) Good Y.
C) Neither X nor Y.
D) Both X and Y.
B
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A single-price monopoly is ______
A. inefficient because it converts consumer surplus to producer surplus B. inefficient because it produces too small an output and creates a deadweight loss C. efficient because buyers are paying a price equal to their willingness to pay D. efficient because it is the only producer of the good
Classical economists believed that
a. the market system always operated at a position of full employment. b. occasional problems of unemployment could occur but would be quickly eliminated by the system of self-regulating markets. c. the price level would adjust to balance planned saving with planned investment. d. the economy had several possible equilibrium output levels.
Over the period 1900-2014, which of the following countries experienced the highest average annual growth rate of real GDP per person?
a. Brazil b. China c. India d. Pakistan
For good A and good B, the consumer maximizes personal satisfaction when
A) MUA/PA = PB/MUB. B) PA/MUA = PB/MUB. C) MUA/PA = MUB/PB. D) MUA/MUB = PA/PB.