Absolute advantage is the ability of a country to produce a good with ________ than another country
a. a lower opportunity cost
b. a higher opportunity cost
c. fewer resources
d. more resources
c
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The decline in U.S. housing prices starting in 2007:
A. had essentially no impact on the rest of the U.S. economy. B. led to a sharp increase in consumer spending on other good and services. C. was followed by a large increase in employment. D. prompted many to sell their houses, causing house prices to fall further.
Jane lives and works in New York. Every month she sends $500 to her mother in London. This is an example of a(n) ________
A) import by the U.S. B) transfer payment to the U.K. C) export by the U.S. D) factor payment to the U.K.
When Johanna cut prices in her jewelry store by 20 percent, the dollar value of her sales fell by 20 percent. This indicates that
a. demand was elastic. b. demand was inelastic. c. demand was unit elastic. d. the demand curve was vertical.
In 2008, nominal GDP was equal to $14,265 billion while the M1 money supply was $1,423 billion. What was the velocity of the M1 money stock?
a. 1.0 b. 10.0 c. 1.8 d. 0.1