Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. Canada has ________ advantage in the production of soybeans and ________ advantage in the production of alfalfa.
A. neither a comparative nor absolute; neither a comparative nor absolute
B. a comparative; neither a comparative nor absolute
C. an absolute; a comparative
D. a comparative; an absolute
Answer: B
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Use the information in the table above to calculate the value of net exports
A) $10 million B) $0 C) -$10 million D) $30 million
The primary factor that caused most economists to lose their faith in the classical approach to macroeconomic policy was
A) the high levels of unemployment that occurred during the Great Depression. B) the presence of both high unemployment and high inflation during the 1970s. C) the theoretical proof that classical ideas were invalid. D) the evidence that classical ideas were useful during economic booms, but not during economic recessions.
A factor of production is the same as
a. the amount of a good produced b. the price of a good c. a profit of a firm d. an opportunity cost e. a resource
In setting premiums, insurance firms face which of the following problems?
a. It is difficult to assign individuals to the correct demographic group. b. Individuals do not want to pay a high premium if that matches their demographic group. c. Individuals do not always have the same characteristics as their demographic group. d. It is difficult to determine premiums for each demographic group.