If a country, business, or person has a comparative advantage in producing a good or service, this means that this country, business, or person
a. can produce this good at the same opportunity cost as others.
b. can produce this good or service at a low opportunity cost.
c. should buy this good from others
d. can produce this good or service at a high opportunity cost.
b. can produce this good or service at a low opportunity cost.
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GDP counts:
A. only intermediate goods and services, because those are easier to track. B. all values that are reported to the government. C. both intermediate and final goods and services because it is important to capture all values, regardless of which market they take place in. D. only final goods and services, because otherwise certain things would be double-counted and the GDP would be overestimated.
Which of the following is not a topic studied in Macroeconomics?
A. the unemployment rate B. the inflation rate C. the price of Dell computers D. gross domestic product
Sue earns income of $80,000 per year. Her average tax rate is 30 percent. Sue paid 20 percent in taxes on the first $30,000 she earned. What was the marginal tax rate on the rest of her income?
a. 20 percent b. 24 percent c. 30 percent d. 36 percent
There is a surplus of quantity supplied over quantity demanded when
A. market price is above equilibrium price. B. market price equals equilibrium price. C. market price is below equilibrium price.