Define comparative advantage
Comparative advantage means a producer can produce a good at a lower opportunity cost than another producer.
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An increase in the money supply is likely to reduce
A. interest rates. B. nominal income. C. the general price level. D. money demand.
A book that sells new for $100 will typically sell used for around
A. $100. B. $75. C. $50. D. $25.
Assume that the price of sorghum grain is $6.00 per bushel. When we apply 30 tons of fertilizer on our 20 acres of sorghum grain, the total yield is 1,000 bushels. When we apply 50 tons of fertilizer, the total yield is 1,500 bushels. What is the
marginal value product per ton of fertilizer? A) $150/ton B) $25/ton C) $75/ton D) None of the above
A government wants to reduce electricity consumption by 40%. The price elasticity of demand for electricity is -10. The government must ________ the price of electricity by ________.
A. raise; 4.0% B. lower; 0.25% C. raise; 0.25% D. raise; 1.25%