The idea of comparative advantage is closely related to
A. production efficiency.
B. the concept absolute advantage.
C. using the worker with the most diverse sets of skills.
D. the concept of opportunity cost.
Answer: D
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Money serves as a store of value, which means:
a. it acts as an intermediary between the buyer and the seller. b. it will still hold its value. c. it is the ruler by which other values are measured. d. it must also be acceptable to make purchases today that will be paid in the future.
The standard of living rises when population growth exceeds economic growth.
Answer the following statement true (T) or false (F)
Which of the following transactions would be included in the calculation of Gross Domestic Product (GDP)?
A. the purchase of a second-hand lawnmower from your neighbor B. the purchase of a share of stock in Apple C. the purchase of wheat by a baker to make bread D. the purchase of legal services
The impact of monetary policy on investment spending may be weakened:
A. because of the Treasury's desire for high interest rates. B. if the rate at which dollars are spent changes in the same direction as the money supply. C. if the investment-demand curve shifts to the right during inflation and to the left during recession. D. if the investment-demand curve is very flat.