Comparative advantage is
A. only for individuals and not countries.
B. when a person can produce all goods more quickly than other people.
C. when a person can produce a good at a lower opportunity cost compared to another person.
D. when the production possibilities curve shifts outward to the right.
Answer: C
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If a country had a CPI of 105.0 last year and a CPI of 102.0 this year, then
A) the average prices of goods and services increased between last year and this year. B) the average prices of goods and services decreased between last year and this year. C) the average quality of goods and services decreased between last year and this year. D) there was an error when calculating the CPI this year. E) the quantity of consumer goods and services produced decreased between last year and this year.
________ is an odorless and colorless gas, a product of the combustion of fossil fuels and burning wood. It is a leading cause of accidental poisoning in the U.S
a. Radon b. Carbon monoxide (CO) c. Nitrogen dioxide d. Sulfur dioxide
Lucy can bake 200 cookies in an hour or watch her favorite tv show. If she chooses to watch her show, the cookies are an example of
a. Unlimited resources b. Limited wants c. Opportunity cost d. None of the above
If you hold money in anticipation of household emergencies and you give up long-term interest-bearing accounts, you are exercising the
a. speculative motive for holding money b. transactions motive for holding money c. opportunity cost motive for holding money d. precautionary motive for holding money e. regressive cost of holding money