According to the accompanying table, Martha has the absolute advantage in making: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. both pies and cakes.
B. pies.
C. neither pies nor cakes.
D. cakes.
Answer: C
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Critically evaluate the following statement. "Only if a country enjoys an absolute advantage in the production of a particular good will that country find it beneficial to trade it with another country
What will be an ideal response?
Government regulation of the prices charged by monopolies is an example of
a. safety regulation b. economic regulation c. Herfindahl regulation d. antitrust regulation e. antimerger regulation
A critical assumption in the classical model is that markets are always clear
a. True b. False
The relative prices of wool, cocoa, aluminum, rice, cotton, and sugar declined by more than half during the 20th century.
Answer the following statement true (T) or false (F)