If countries begin to specialize according to comparative advantage, a more efficient use of resources occurs. As a result, the world output of at least one good increases, with no decrease in the output of any other good

a. True
b. False


A

Economics

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Which of the following is an asset of the Fed?

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How does the relative price and a household's real income influence its budget line?

What will be an ideal response?

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The marginal propensity to consume is defined as

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After getting a raise at work, Jennie now regularly buys steak instead of hamburger. Based on this behavior, we can assume:

A. steak is a normal good, and hamburger is an inferior good for Jennie. B. steak is an inferior good, and hamburger is a normal good for Jennie. C. steak and hamburger are complementary goods for Jennie. D. steak and hamburger are normal goods for Jennie.

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