Absolute advantage states that a country has an advantage over another if it can produce a good with fewer resources
a. True
b. False
Indicate whether the statement is true or false
True
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If the price of one good increases, and as a result the demand for another good increases, the goods are
A) substitutes. B) normal goods. C) complements. D) inferior goods.
A price floor set above the equilibrium price is not binding
a. True b. False Indicate whether the statement is true or false
Distinguish between a change in quantity supplied and a change in supply
What will be an ideal response?
When a person can pass some of her costs of using a resource on to someone else,
A. she uses too much of the resource. B. the use of the resource is not affected by her actions. C. the internal costs of using the resource exceed the private costs. D. she uses too little of the resource.