A producer is said to have a comparative advantage in the production of a good when:
A) the producer has a higher opportunity cost than another producer.
B) the producer can produce more units of the good per hour than another producer.
C) the producer has a lower opportunity cost than another producer.
D) the producer charges a higher price for the good than the other producers.
C
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The new growth theory attempts to explain
a. the rate of population growth within a country. b. the rate of capital accumulation within a country. c. the factors that determine the size of the Solow residual. d. why there are diminishing returns to capital.
In 2008, about ____% of all American children under 6 in a family headed by a female lived in poverty.
A. 25 B. 32 C. 44 D. 53
If an economy is being "allocatively efficient," then that means the economy is:
A. maximizing the returns to factors of production. B. using the least costly production techniques. C. producing the goods and services most wanted by society. D. fully employing all economic resources.
As a percentage of government receipts, corporate income taxes are larger than personal income taxes and Social Security taxes combined.
Answer the following statement true (T) or false (F)