In economics, what term is used to refer to having a lower opportunity cost than other producers?
a. effective exchange
b. negative incentive
c. comparative advantage
d. comparable worth
c. comparative advantage
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The largest component of federal government spending is for
A) Medicare and Medicaid. B) interest on the national debt. C) prisons. D) national defense. E) education.
The above table shows production points on Sweet-Tooth Land's production possibilities frontier. Which of the following is an example of a point that is inefficient?
A) 0 chocolate bars and 100 cans of cola B) 20 chocolate bars and 80 cans of cola C) 32 chocolate bars and 40 cans of cola D) 38 chocolate bars and 0 cans of cola
Suppose you borrow $2,000 for one year and at the end of the year you repay the $2,000 plus $110 of interest. The expected inflation rate was 2.2% at the time you took out the loan, but the actual inflation rate turned out to be 3.3%
What was the actual real interest rate you paid? A) 2.2% B) 3.3% C) 5.5% D) 8.8%
Which of the following has contributed to developing countries' poor economic performance?
A) low population growth B) corruption C) high capital investment D) foreign direct investment