If a nation has a comparative advantage in the production of X, this means the nation:
A. cannot benefit by producing and trading this product.
B. must give up less of other goods than other nations in producing a unit of X.
C. has a production possibilities curve identical to those of other nations.
D. is not subject to increasing opportunity costs.
B. must give up less of other goods than other nations in producing a unit of X.
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In the figure above, if no one owns the lake the tax that achieves the efficient outcome is ________ per ton of pesticide produced
A) $30 B) $40 C) $20 D) $10
The EU countries were prompted to seek closer coordination of monetary policies and greater exchange rate stability in order
A) to enhance Europe's role in the world monetary system. B) to turn the European Union into a truly unified market. C) both to enhance Europe's role in the world monetary system and to turn the European Union into a truly unified market. D) both to turn the European Union into a truly unified market and to counter the rise of Japan in international financial markets. E) to homogenize all European cultures.
When a labor market experiences a surplus of labor, there is downward pressure on
a. the supply of labor. b. the final product price. c. wages. d. the demand for labor.
Refer to Table 21.3 below:Table 21.3Units of LaborUnits of OutputMPP00 1 30266 3 304116 What is the unit labor cost in Table 21.3 for the second unit of labor if the MPP represents daily output and the wage rate is $72 per day?
A. $36.00 per unit of output. B. $72.00 per unit of output. C. $2.00 per unit of output. D. $0.50 per unit of output.