All decisions involve opportunity cost.
Answer the following statement true (T) or false (F)
True
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Suppose the United States exports cars to France and imports cheese from Switzerland. This situation suggests that
a. the United States has a comparative advantage relative to Switzerland in producing cheese, and France has a comparative advantage relative to the United States in producing cars. b. the United States has a comparative advantage relative to France in producing cars, and Switzerland has a comparative advantage relative to the United States in producing cheese. c. the United States has an absolute advantage relative to Switzerland in producing cheese, and France has an absolute advantage relative to the United States in producing cars. d. the United States has an absolute advantage relative to France in producing cars, and Switzerland has an absolute advantage relative to the United States in producing cheese.
The advent of the Internet in the second half of the 1990s has brought the stock market industry close to a state of ________________.
Fill in the blank(s) with the appropriate word(s).
The effects of a per-unit tax imposed on sales of an industry's product would likely include
A. a leftward movement along the market supply curve for the product. B. a lower product price at any amount of the product supplied. C. a leftward shift of the market supply curve for the product. D. none of these.
Inflation caused by a rise in the prices of inputs is referred to as:
A. Cost-push inflation B. Demand-pull inflation C. Unanticipated inflation D. Hyperinflation