Comparative advantage leads to producing at a:
A) higher opportunity cost.
B) lower opportunity cost.
C) higher dollar cost.
D) point where costs just begin to fall.
Ans: B) lower opportunity cost.
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A bowed out production possibility frontier shows that the
A) opportunity cost of a good is constant as more of the good is produced. B) opportunity cost of a good decreases as more of the good is produced. C) opportunity cost of a good increases as more of the good is produced. D) opportunity cost relationship is linear. E) opportunity cost of producing another good is negative.
If output increases, which of the following would occur?
a. Prices of non-labor inputs, input requirements per unit of output, and unit costs would all increase, and the economy would move downward along the aggregate supply curve. b. Prices of non-labor inputs, input requirements per unit of output, and unit costs would all decrease, and the economy would move downward along the aggregate supply curve. c. Prices of non-labor inputs, input requirements per unit of output, and unit costs would all decrease, and the economy would move upward along the aggregate supply curve. d. Prices of non-labor inputs, input requirements per unit of output, and unit costs would all increase, and the economy would move upward along the aggregate supply curve. e. Prices of non-labor inputs and input requirements per unit of output would increase, unit costs would decrease, and the economy would move downward along the aggregate supply curve.
About ____ of the world's population subsists on no more than $2 a day.
A. one tenth. B. one quarter. C. one third. D. one half.
Unemployment that is of a short duration to allow time to find a new job is:
A. structural unemployment. B. cyclical unemployment. C. frictional unemployment. D. durational unemployment.