Two components of labor are:
A) residential location and education.
B) natural ability and human capital.
C) money and financial wealth.
D) ingenuity and job-specific machinery.
Ans: B) natural ability and human capital.
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It is possible to have an absolute advantage in producing a good or service without having a comparative advantage
Indicate whether the statement is true or false
A likely explanation for the 2008-2009 recession is
A) an increase in energy prices. B) financial market problems. C) a drastic reduction in government expenses. D) an increase in taxes.
Industries in which firms have high fixed costs and low marginal costs are likely to have a:
A. large number of small firms. B. small number of large firms. C. small number of small firms. D. large number of large firms.
Which exchange rate is determined in international currency exchange markets?
a) Fixed exchange rate b) Floating or flexible exchange rate c) Pegged exchange rate d) Prime exchange rate