If Japan is twice as good at producing cameras and three times as good at producing TV sets as the United States, Japan is said to have a comparative advantage in TV sets and the United States has a comparative advantage in cameras
a. True
b. False
Indicate whether the statement is true or false
True
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Missouri can produce 10,000 tons of pecans per year or 5,000 tons of pears per year. Washington can produce 12,000 tons of pecans per year or 48,000 tons of pears per year. Which of the following statements about opportunity cost is CORRECT?
A) The opportunity cost of a ton of pecans is 2 tons of pears per ton of pecans for Missouri and 1/4 ton of pears per ton of pecans for Washington. B) The opportunity cost of a ton of pears is 2 tons of pecans per ton of pears for Missouri and 1/4 ton of pecans per ton of pears for Washington. C) The opportunity cost of a ton of pecans is 1/2 ton of pears per ton of pecans for Missouri and 4 tons of pears per ton of pecans for Washington. D) Both answers B and C are correct.
Critics of government frequently assert that special interest groups favor transfer policies rather than economic growth policies.
Answer the following statement true (T) or false (F)
The low point of the Great Depression was reached in the year
A. 1929. B. 1931. C. 1933. D. 1935.
Use the following formula to answer the indicated question: Benefit amount = Maximum award - 0.6 (Wages in excess of ceiling) Raynoo is retired and earns $15,000 per year working part-time. She is entitled to a maximum Social Security retirement benefit of $14,000. Social Security regulations allow her to earn $9,000 and still get maximum benefits. Raynoo's total income, including Social Security benefits, is
A. $29,000. B. $14,000. C. $25,400. D. $15,000.