Absolute advantage
What will be an ideal response?
Being able to produce a product using the fewest resources
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A negative externality exists and government wants to impose a tax in order to bring about an efficient outcome. To accomplish its objective, government must set the tax equal to marginal
A. private cost. B. social benefit. C. external cost. D. social cost. E. external benefit.
Cross-price elasticity of demand is defined as the:
A. percentage change in demand divided by percentage change in the price of another good. B. change in the price of another good divided by the change in quantity demanded. C. percentage change in quantity demanded divided by percentage change in the price of the same good. D. percentage change in the price of another good divided by the percentage change in quantity demanded.
During the Great Recession the fiscal policy measures taken to exit the recession was
A. raise taxes and run budget deficits. B. raise taxes and run budget surpluses. C. lower taxes and run budget surpluses. D. lower taxes and run budget deficits.
An excise tax taxes individual income.
Answer the following statement true (T) or false (F)