Relative to Al, Joe has ________ if Joe can produce a good at a lower opportunity cost than Al
A) a marginal benefit
B) a comparative advantage
C) more production efficiency
D) a free lunch
E) a comparative benefit
B
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Suppose that the CPI in Thailand was 345 in 2015 and 388 in 2016. The inflation rate between those two years was approximately
A) 11.2 percent. B) 14.3 percent. C) 12.5 percent. D) 43 percent.
The demand for most agricultural products tends to be
a. both price and income elastic b. both price and income inelastic c. price inelastic and income elastic d. price elastic and income inelastic e. of unitary price elasticity and income elastic
The secular trend growth rate is the:
A. difference between actual output and the average growth in the economy. B. rate of growth in per capita output in any one year. C. rate of growth in any one year. D. rate of growth of potential output.
The nominal interest rate equals the:
What will be an ideal response?