________ is the ability to produce more of a good or service than competitors when using the same amount of resources
A) Absolute advantage
B) Comparative advantage
C) Trade superiority
D) Trade autarky
Answer: A
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A _____ is a certificate of indebtedness and a _____ is a claim to partial ownership in a firm
Fill in the blank(s) with correct word
The term "labor" for an economist includes
A. only the value of the work done by scientists. B. all employees who have high school diplomas. C. all skilled workers, but not the unskilled workers. D. all productive contributions of humankind.
Currency debasement occurs when
A. the government requires that a certain form of money must be accepted in settlement of debts. B. the value of money falls as a result of a rapid increase in its supply. C. items are used as money that also have intrinsic value in some other use. D. items are designated as money that are intrinsically worthless.
The so-called pork-barrel politics refers to congressional members:
A. Trading votes with one another B. Receiving perks and freebies from businesses trying to sway their votes C. Paying close attention to the vocal special interest groups D. Inserting provisions for local narrow projects into comprehensive legislation