Erbia can produce both corn and wheat using fewer inputs than Glassen; however, Glassen can produce corn at a lower opportunity cost than Erbia. Therefore, we can conclude that Glassen has a comparative advantage in wheat production
a. True
b. False
Indicate whether the statement is true or false
False
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Wages and salaries are examples of:
A. consumption. B. labor income. C. profits. D. capital income.
Jodie has indifference curves for CDs and colas, with CDs on the vertical axis. The flatter her indifference curves are, the
A) smaller her average rate of substitution. B) larger her average rate of substitution. C) smaller her marginal rate of substitution. D) larger her marginal rate of substitution.
If the government were to restrict consumption to the efficient level in a market where a negative externality is present, the market outcome:
A. would not be efficient. B. would then be efficient. C. would be equitable. D. None of these statements is necessarily true.
Water quality in the United States has ____ in the past 25 years.
A. improved B. worsened C. remained unchanged D. improved slightly before a recent deterioration