A country with a comparative advantage in producing computer chips
A. Has greater capacity to produce computer chips, given its resources, than do its trading partners.
B. Has a lower opportunity cost of producing computer chips than its trading partners.
C. Can produce computer chips with fewer resources than its trading partners.
D. Can achieve better terms of trade in selling computer chips than its trading partners.
Answer: B
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The end of slavery in the United States represented
A) a large wealth transfer from the South to the North. B) a large wealth transfer from the future to the present. C) a large wealth transfer from Southern slave-holders to newly freed slaves. D) a nominal wealth transfer from Southern slave-holders to newly freed slaves.
For a perfectly competitive firm, the long-run supply curve is the long-run average cost curve
a. True b. False Indicate whether the statement is true or false
The equation of exchange is?
a. M x V = P x Y b. M x P = V x Y c. M x Y = V x P d. none of the above represent the equation of exchange
A leftward shift of the supply curve will lead to an
A) increase in equilibrium price. B) excess supply at the old equilibrium price. C) increase in quantity supplied. D) All of the above.