If the opportunity cost of producing corn is lower for Ohio than for Iowa, then:
A. Iowa should specialize in corn production.
B. Iowa has the comparative advantage in corn production.
C. Iowa should export corn to Ohio.
D. Ohio has the comparative advantage in corn production.
D. Ohio has the comparative advantage in corn production.
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A sunk cost is a cost that has already been paid and cannot be recovered
Indicate whether the statement is true or false
Advances in productivity per acre can harm farmers by
a. reducing the uses for their farm goods b. increasing the price of farm goods, thereby reducing incomes c. increasing supply, thereby reducing farm prices and incomes d. increasing the demand for their goods so that consumers are priced out of the market e. decreasing the number of acres cultivated per farm
Amelia knows that she has about $105 in her bank account. She knows she earned an interest rate of 4 percent, but she doesn't remember how much she opened the account with a year ago. How much did she put in?
a. $98.18 b. $100.96 c. $102.04 d. $103.24
For a previously-illegal good, decriminalization will cause
A. demand to become less elastic. B. demand to increase. C. price to fall, unambiguously. D. supply to become less elastic.