If a nation can produce a more computers per year than any other nation, that nation has a(n) ________ advantage in the production of computers.
A. natural
B. absolute
C. comparative
D. relative
Answer: B
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Which of the following statements about trade barriers is true?
A. The economic costs of trade barriers exceed their economic benefits, creating an efficiency loss for society. B. The economic benefits of trade barriers exceed their economic costs in developing nations. C. It is impossible to estimate the benefits of trade barriers. D. The economic costs and benefits of trade barriers are about equal.
An efficient tax for a product with detrimental externalities would equal
A. marginal social cost minus marginal external cost. B. marginal private cost plus marginal external cost. C. marginal external cost minus marginal private cost. D. marginal social cost minus marginal private cost.
Which of the following is a category (degree) of inflation?
(a) Deflation. (b) Externally induced inflation. (c) Demand-Pull inflation. (d) Stagflation.
If measurement errors did not exist, real per capita GDP would be an undeniably accurate measure of human welfare.
Answer the following statement true (T) or false (F)