When a person possesses a comparative advantage in the production of one good or service, it:
a. means that the person's opportunity cost of producing that good or service is higher than for that of other goods.
b. discourages specialization
c. promotes greater self-sufficiency.
d. permits gains from trade to be realized due to a more efficient use of resources.
d
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An increase in the equilibrium quantity of a product will result
A) when there is an decrease in demand and a decrease in the cost of inputs used to make the product. B) when there is an increase in supply and an increase in demand for the product. C) when the quantity of the product supplied exceeds the quantity demanded. D) when there is an increase in supply and a decrease in demand for the product.
Which of the following is a stock variable? The number of
A) unemployed people. B) reentrants. C) job losers. D) job leavers.
The Clean Air Act of 1970
a. set up a depletion tax system b. reduced air pollution standards c. recognized air as a resource d. established a system of transferable pollution rights e. forbade producers to emit any pollutants into the air
Which of the following is a private owner prohibited from doing?
What will be an ideal response?