When there is no ________ advantage, there is no benefit from trading.
Fill in the blank(s) with the appropriate word(s).
comparative
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To calculate gross domestic product, you use the sum of the market values of all final goods and services produced in a given year. This means you
A) count the total number of final goods and services produced in the marketplace in that particular year and then add the numbers together. B) count the total number of final goods and services produced in the marketplace from every year including that given year and then add the numbers together. C) value the final goods and services at their market prices for that particular year, multiply them by the quantity produced that year, and then add the numbers together. D) value the final goods and services at their market prices for that particular year, multiply them by the quantity produced from every year including that given year, and then add the numbers together.
In a market, at the equilibrium price
A) neither buyers nor sellers can do business at a better price. B) buyers are willing to pay a higher price, but sellers do not ask for a higher price. C) buyers are paying the minimum price they are willing to pay for any amount of output and sellers are charging the maximum price they are willing to charge for any amount of production. D) None of the above is true.
Approximately what percentage of food stamps are issued to individuals who are not entitled to them?
a. 5 percent b. 15 percent c. 25 percent d. 35 percent
With only two goods, if the income effect is in the same direction as the substitution effect then the good is
a. normal b. inferior but not Giffen c. Giffen d. There is not enough information to answer.