If a country has a comparative advantage in producing a product, it must also have an absolute advantage in producing that product
Indicate whether the statement is true or false
FALSE
You might also like to view...
Jeremiah is not a fan of the ballet, but he believes that his friends all enjoy the cultural experience that ballet brings and he does not want to appear unsophisticated
Unbeknownst to Jeremiah, all of his friends share the same opinion of the ballet as he does, and none of them want to appear unsophisticated to the rest of the grouA) diffusion of responsibility. B) dysfunctional family syndrome. C) pluralistic ignorance. D) a prisoner's dilemma.
Refer to Table 4-6. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units. What is the value of producer surplus?
A) $600 thousand B) $300 thousand C) $150 thousand D) $30 thousand
In quantity theory terms, during a hyperinflation,
A) money supply increases rapidly, but velocity does not B) velocity increases rapidly, but money supply does not C) both the money supply and velocity increase rapidly D) neither the money supply nor velocity increase rapidly
Which is considered fiat money?
(a) Greenbacks (b) Gold coins (c) Silver dollars (d) Silver certificates