If the opportunity cost of producing cheese is higher in Greece than it is in Italy, then:
a. Greece should specialize in producing cheese.
b. Italy should specialize in producing cheese.
c. both Greece and Italy should produce cheese.
d. Greece gives up fewer goods to produce cheese than Italy does.
e. Italy has a better economy than Greece.
b
You might also like to view...
If we plot the quantity of aluminum ore mined per year on the horizontal axis and the real annual price of aluminum ore on the vertical axis, we find that the path of price-quantity combinations generally indicates lower real prices and higher
quantities over time. Which of the following statements is a plausible explanation for this observed outcome? A) Aluminum supply shifted leftward faster than the aluminum demand curve shifted rightward. B) Aluminum supply shifted rightward faster than the aluminum demand curve shifted rightward. C) Aluminum supply shifted rightward and aluminum demand remained constant. D) both A and B above E) both B and C above
When a single firm in an oligopoly market decides to increase output, that firm:
A. feels the quantity effect, but other firms feel the price effect. B. feels both the quantity effect and price effect, but other firms only feel the price effect. C. feels the price effect, but other firms feel the quantity effect. D. feels the price effect, but other firms feel both the price and quantity effects.
Sole Proprietorships use __________ as its Federal Tax ID number.
a. the owner's social security number b. an EIN number c. business operating license number d. none of these
Which of the following is not included in the narrowest definition of the money supply or M1?
A. Transactions account balances. B. Credit card balances. C. Traveler's checks. D. Currency in circulation.