If a person can make $70,000 as an accountant, $60,000 as a chef, $20,000 as a mechanic, and nothing as an opera singer, he or she has a comparative advantage in
A) accounting.
B) being a chef.
C) being a mechanic.
D) opera singing.
A
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The ________ plots the relationship between prices and the quantity producers are willing to sell
A) isoquant B) indifference curve C) demand curve D) supply curve
What is the formula for the present value of $1 one year from now? If the rate of interest is 5 percent, what is the present value of $10 to be paid one year from now?
What will be an ideal response?
The Agriculture Adjustment Act of the Roosevelt Administration attempted to boost prices of agriculture products by
a. increasing the money supply from year to year at a constant rate. b. decreasing the money supply through a policy of monetary contraction. c. increasing demand through lower taxes and budget deficits. d. reducing supply through the planned destruction of agricultural crops and livestock.
Scalping at major sporting events is an example of
A. a black market caused by a price floor. B. the operation of rationing by the market. C. a black market caused by a price ceiling. D. a surplus caused by the existence of price ceilings.