If two countries produce both wheat and sugar and one country has the comparative advantage in producing wheat than the other country must have the absolute advantage producing sugar
a. True
b. False
Indicate whether the statement is true or false
False
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The table below shows how the payoffs to two political candidates depend on whether the candidates run a positive or negative campaign. The payoffs are given in terms of the percentage change in the number of votes received. 
Running a negative campaign is ________ for the ________ candidate.
A. neither a dominant nor dominated strategy; Republican B. a dominated strategy; Republican C. a dominant strategy; Democratic D. a dominated strategy; Democratic
If a 5 percent decrease in the price of a good results in a 20 percent increase in the demand for another good, what is the cross-price elasticity of demand?
a. +100 b. –15 c. +25 d. –4
What happens to supply when input costs go up?
(A) It decreases because consumers find a substitute product. (B) It decreases because the good becomes more expensive to produce. (C) It increases because the good becomes more expensive to produce. (D) It increases because the good becomes cheaper to produce.
Which of the following would not affect an individual's demand?
A. The costs of inputs B. The individual's income C. The individual's preferences D. Prices of related goods