Which of the following holds true if a country is said to have a comparative advantage in the production of wheat?
a. The country can produce more wheat than any other nation.
b. The opportunity cost of producing wheat is the lowest in the country.
c. The price of wheat is the lowest in that country.
d. Domestic wheat is of the best quality in the world.
e. The country can produce only wheat.
b
You might also like to view...
Ways to "game" the budgeting process include
a. delaying sales if just short of a target b. accelerating expenses if just short of a target c. accelerating sales once a target is met d. accelerating expenses costs once a target is met
Growth in real GDP per capita is achieved when population grows more rapidly than output.
Answer the following statement true (T) or false (F)
Which of the following would shift a nation's production possibilities frontier outward?
A) discovering a cheaper way to convert sunshine into electricity B) an increase in demand for the nation's products C) a decrease in the unemployment rate D) a law requiring workers to retire at age 50
For a firm in a perfectly competitive market, price is
A) equal to both average revenue and marginal revenue. B) equal to average revenue but greater than marginal revenue. C) greater than marginal revenue but less than average revenue. D) less than both average revenue and marginal revenue.