If Eddie can produce 40 milk shakes or 20 banana splits in an hour, and Tina can produce 30 milk shakes or 16 banana splits in an hour, then Tina has a comparative advantage in producing banana splits.
Answer the following statement true (T) or false (F)
True
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One example of physical capital is the amount of savings that you have
Indicate whether the statement is true or false
Stan complains to his roommate that he never has enough time to finish all the homework he's assigned, and his roommate tells him to quiet down because the first of the three movies they've planned to watch that day has begun. Stan's behavior demonstrates which economic concept?
A. rational behavior B. time inconsistency C. chronologically challenged behavior D. time allocation
An increasing block pricing structure for water supplies
a. creates an economic incentive to conserve water usage b. charges a higher price for lower levels of water consumption c. does not reflect the underpinnings of benefit-cost analysis d. ignores the marginal cost of water consumption
A change in the cost of production will generally prompt a change in __________.
Fill in the blank(s) with the appropriate word(s).