Refer to the table above. Which of the following is true?
A) Country X has a comparative advantage in the production of rice.
B) Country X has a comparative advantage in the production of wheat.
C) Country Y has an absolute advantage only in the production of wheat.
D) Country Y has an absolute advantage only in the production of rice.
B
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Which of the following is not true of all indifference curves?
A) they slope downward B) the point at which one indifference curve intersects another represents an optimal consumption basket C) they are bowed toward the origin D) they can intersect with a budget constraint one or more times
Which of the following is true of the gross domestic product (GDP) of a nation? a. It can be measured by the stock of consumer goods in a nation at a particular point in time
b. It can be measured by the stock of capital goods in a nation at a particular point in time. c. It can be measured either by calculating the total spending on production or the total income from that production. d. It is the sum of total spending on production and total income from that production. e. It can be measured from the stock of wealth in the nation.
What do you mean by Coase theorem?
Figure 3.5 illustrates the supply of tacos. An increase in the supply of tacos is represented by a movement from:
A. point a to point b. B. point c to point b. C. S2 to S1. D. S0 to S1.