Rational behavior often involves ______.
a. anticipating the future
b. reflecting on the past
c. random acts
d. a disregard of values
a. anticipating the future
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Government in the United States spends more as a percentage of GDP than in most other industrialized nations.
Answer the following statement true (T) or false (F)
Specialization: a. leads to greater self-sufficiency
b. can lead to an increase in overall production. c. is always the result of an inefficient use of resources. d. helps workers to develop skills by working on a large number of tasks.
Sue went to the store and milk was on sale so she was able to buy some cookies also. What is this an example of?
a. The Law of Demand b. The Law of Supply c. The Substitution Effect d. The Income Effect
Assume that Brazil gives up 3 automobiles for each ton of coffee it produces, while Peru gives up 7 automobiles for each ton of coffee it produces.
A) Brazil has a comparative advantage in automobile production and should specialize in coffee. B) Brazil has a comparative advantage in coffee production and should specialize in the production of automobiles. C) Brazil has a comparative advantage in coffee production and should specialize in coffee production. D) Brazil has a comparative advantage in automobile production and should specialize in automobile production.