Which of the following assessments is correct based on the information presented in Exhibit 3?
a. Calvin has an absolute advantage in food production.
b. Calvin has a lower opportunity cost in cloth production.
c. Wendy has a higher opportunity cost in food production.
d. Wendy has a comparative advantage in cloth production.
b. Calvin has a lower opportunity cost in cloth production.
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An independent variable:
A) cannot be measured. B) cannot be represented on a bar chart. C) is manipulated by the experimenter in an experiment. D) in an experiment is determined by the other variables.
Which of the following statements correctly differentiates between a monopoly and a perfectly competitive firm?
A) A perfectly competitive firm faces an upward sloping demand curve, whereas a monopoly faces a horizontal demand curve. B) A perfectly competitive firm sets its product price at its marginal cost, whereas a monopoly sets the price above its marginal cost. C) A perfectly competitive firm faces a horizontal demand curve, whereas a monopoly faces an upward sloping demand curve. D) A perfectly competitive firm sets its product price above its marginal cost, whereas a monopoly sets its product price equal to its marginal cost.
The sum of consumption and investment is: a. total production. b. aggregate supply
c. aggregate disposable demand. d. aggregate expenditures.
The long-run aggregate supply curve shifts right if
a. immigration from abroad increases. b. the capital stock increases. c. technology advances. d. All of the above are correct.