Which of the following contributed to the crisis of 2008?
a. a doubling of the price of imported oil during 2007-2008
b. a sharp increase in the price of housing during 2008
c. inclement weather in 2008
d. falling resource prices and a reduction in the cost of production
A
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Which of the following statements is true?
A. Comparative advantage means that total world output will be greatest when each good is produced by the nation that has the highest domestic opportunity cost of producing it. B. Specialization will be complete among nations when opportunity costs increase as the nations produce more of a particular product. C. Specialization will be less than complete among nations when opportunity costs increase as the nations produce more of a particular product. D. Comparative advantage means that a nation can gain from trade only if it has a lower labor productivity than its trading partner.
Arturo actually values his home at $120,000 and claims he values the home at $120,000. In an eminent domain situation, the government would pay Arturo ________ for his home
A) exactly $120,000 B) more than $120,000 C) less than $120,000 D) the fair market value
A voucher can eliminate the deadweight loss and lead to an efficient outcome if the value of the voucher equals the ________ of the good
A) marginal external benefit B) marginal social benefit C) marginal private benefit D) marginal social cost
Which of the following must be true if average total costs are declining?
a. Marginal cost is less than average total cost. b. Marginal cost is less than average variable cost. c. Marginal cost is greater than average total cost. d. Marginal cost equals average total cost.