Absolute advantage:
What will be an ideal response?
the ability of one producer to make more than another producer with the same quantity of resources
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What best describes Thomas Jefferson's view of how American Indians should be treated?
a. Tribes should be forced to leave their native lands in the east and move west. b. Indians should have full property rights that should be respected by whites. c. Indians could continue to live on their reservations but the federal government should have access to all mining and natural resources on their land.
A one percentage point change in the required reserve ratio would change the money supply by less than one percent, other things being equal
a. True b. False Indicate whether the statement is true or false
Four roommates share an off-campus house and equally share the cost of rent. Everyone says that she values a clean house, yet the house is usually dirty. To an economist, a clean house in this case represents
a. a common resource problem. b. a public good. c. a club good. d. All of the above are correct.
Economists assume that the typical person who starts her own business does so with the intention of
a. donating the profits from her business to charity. b. capturing the highest number of sales in her industry. c. maximizing profits. d. minimizing costs.