Comparative advantage is the rule that ordinarily prevents a nation from independently producing all of the goods it requires
a. True
b. False
Indicate whether the statement is true or false
True
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The economic growth model predicts that
A) GDP per capita of poor countries will grow more rapidly than in rich countries. B) GDP per capita of poor countries will never change. C) Governments must centrally direct the economy for growth to occur. D) GDP per capita of rich countries will grow more rapidly than in poor countries.
Refer to the information above. What is the value of the firm's capital stock at the end of period 5?
A) 612.5 B) 106.75 C) 175 D) 89.25
Marginal utility is defined as the
a. average amount of satisfaction gained from consuming a good b. total amount of satisfaction gained from consuming a good c. additional satisfaction gained from consuming one more unit of a good d. total amount of satisfaction gained from consuming a product divided by the number of goods consumed e. total amount of satisfaction gained from consuming a good times the number of goods consumed
Evaluate this statement: “If the economic profit is zero, a business will shut down.”
Please provide the best answer for the statement.