Answer the following statements true (T) or false (F)
1. Total annual production in the United States is in excess of $14 trillion.
2. The ability to produce a good or service using fewer resources than other producers use is known as comparative advantage.
3. Japan has a low standard of living because of its shortage of resources.
4. Technological development can be applied to the improvement of human capital as well as physical capital.
1. TRUE
2. FALSE
3. FALSE
4. TRUE
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