Absolute advantage is
A. producing at a lower opportunity cost.
B. producing a good only when demand is high.
C. producing a good using the fewest inputs.
D. producing a good that requires imported components.
Answer: C
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Erik can work as a forest ranger, where the probability of being killed in a work-related accident is 1/6,000, or he can earn an additional $800 a year by working as a game warden,
where the probability of being killed in a work-related accident is 3/6,000. Using the compensating differential approach and the above information, what is the value of Erik's life? A) $1.6 million B) $2.4 million C) $3.2 million D) $4.8 million
Refer to the table above. What is the total cost of producing 145 units of the good?
A) $90 B) $180 C) $190 D) $210
The graph shown best represents:
A. a market for an inferior good. B. a non-binding price floor. C. a non-binding price ceiling. D. a missing market.
How does a competitive firm's demand for labor react to a specific tax on each unit of output it sells?
What will be an ideal response?