Specialization describes the occurrence when a country shifts resources to focus on producing a good that offers ____________ advantage and the lowest opportunity cost.
a. marginal
b. comparative
c. minimal
d. profit
b. comparative
Specialization describes the occurrence when a country shifts resources to focus on producing a good that offers comparative advantage and the lowest opportunity cost.
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If a technological advance makes it possible to produce computers at a lower cost:
A. the demand for computers increases. B. the demand for computers decreases. C. the supply of computers increases. D. the supply of computers decreases.
The labor force is defined as
A) the sum of the employed and unemployed. B) the total number employed. C) the total number of working age individuals in the population. D) the sum of the number of employed, unemployed and discouraged individuals.
Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. If the market price is $10, then for this firm to maximize profits it should produce ________ unit(s) of output.
A. zero B. one C. two D. three
Which event would most likely decrease an economy's exports?
A. A decline in the tariff on products imported from abroad B. An increase the prosperity of trading partners for this economy C. An appreciation of the nation's currency relative to foreign currencies D. A depreciation of the nation's currency relative to foreign currencies