If a country produces only two goods, then it is not possible to have a comparative advantage in the production of both those goods
Indicate whether the statement is true or false
TRUE
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Average growth rates of per capita income were close to zero, on average, prior to the Industrial Revolution.
Answer the following statement true (T) or false (F)
Solar vehicles that operate on photovoltaic cells:
a. are economically efficient today as compared to gasoline vehicles. b. are not economically efficient because they create greater negative externalities than gasoline vehicles. c. are not economically efficient even though they create fewer negative externalities than gasoline vehicles. d. should be subsidized by government so that they cost less than gasoline automobiles.
The fact that we are operating at a point inside a bowed out production possibilities frontier indicates there is
A. scarcity. B. increasing opportunity cost. C. unemployment. D. constant opportunity cost.
With respect to local finance:
A. death and gift taxes are the major source of revenue and most expenditures are for hospitals and health services. B. the corporate income tax is the major source of revenue and natural resource development is the major type of expenditure. C. property taxes are the basic source of revenue and education is the major type of expenditure. D. sales and excise taxes are the major source of revenue and highway construction and maintenance is the major type of expenditure.