A country has an absolute advantage over another in the production of widgets if it can produce
A. widgets using smaller quantities of resources than can the other country.
B. more widgets than can the other country.
C. widgets more efficiently than can the other country.
D. widgets at a lower opportunity cost than can the other country.
Answer: A
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Your scholarship depends on your maintaining a 3.5 cumulative GPA. Your GPA for last semester was 3.6, which brought your cumulative GPA down. What must be true?
A. Last semester's grades were lower than your overall GPA. B. Last semester's grades were higher than your overall GPA. C. If this semester's grades are the same as last semester's, you might lose your scholarship. D. If this semester's grades are the same as last semester's, your overall GPA will stay the same.
The excess burden of an income tax is a function of the _____
a. average tax rate b. flat tax rate c. marginal tax rate d. Laffer curve
The more elastic the demand facing a firm,
A) the higher the value of the Lerner index. B) the lower the value of the Lerner index. C) the less monopoly power it has. D) the higher its profit.
Related to the Economics in Practice on page 221: Because land is demand determined, an acre of land in downtown San Francisco, California ________ an acre of land in downtown Knoxville, Tennessee.
A. would most likely cost less than B. would most likely cost more than C. should cost approximately the same as D. would cost exactly the same as