Comparative advantage cannot account for a significant portion of world trade
Indicate whether the statement is true or false
TRUE
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If a nation is currently operating at a point inside its production possibilities curve, it
A. is fully employing all of its resources. B. is operating beyond its possible capacity. C. is utilizing its resources efficiently. D. none of the choices are true.
The table above shows a production possibilities frontier for an economy. If the economy tried to produce a combination of 250 loaves of bread and 800 books,
A) there is some unemployment. B) it cannot produce this combination because it lacks enough resources or technology. C) it is enjoying a free lunch. D) the tradeoff between bread and books is inefficient. E) there is full employment.
You decide to spend time studying for a philosophy exam, even though you have offers to go to see a movie, go out to dinner, or go to a poetry reading
This is a difficult choice for you because you really want to go to the poetry reading and would choose that over seeing the movie or going out to dinner. Your opportunity cost of spending time studying for your philosophy exam is A) going to the movie. B) going out to dinner. C) going to the poetry reading. D) all of the above, since you have offers to do all three
Equilibrium price is _____.
