Marginal land is land that is not worth anything under any circumstances.
Answer the following statement true (T) or false (F)
False
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. When you are faced with a lack of information concerning a purchase, you should
A. consider the opportunity cost of gaining more information. B. always seek out the most information you can before making a purchase. C. not make the purchase without complete information. D. None of these statements is true.
The price system rations goods among consumers in such a way that
a. all are treated equally. b. all needs are satisfied. c. the rich are favored. d. important needs are satisfied first.
The simple circular-flow model for households and firms is an economic model that focuses on the interaction between households and firms. Which of the following statements regarding the model is correct?
a.) the model is missing the interaction between firms and the resource market. Therefore, it cannot predict well. b.) the model is missing the interaction between households and the product market. Therefore, it cannot predict well c.) the model has too many simplifying assumptions, and it cannot be used to make predictions about the real world d.) the model is a simplification of the real world, and it can be used to make predictions about the real world e.) the model is missing the interaction between firms and the produce market. Therefore, it cannot predict well
You are the Minister of Trade for a small island country with the following annual PPC:
You are negotiating a trade agreement with a neighboring island with the following annual PPC:
As soon as you see the other island's PPC, you realize there are:
A. no gains from trade because there is no difference in your ability to harvest coconuts. B. gains from trade because your island has a comparative advantage in coconuts. C. no gains from trade because you both have the same comparative advantage. D. no gains from trade because the other island has an absolute advantage.