The theory of comparative advantage is based on:
a. absolute opportunity costs.
b. relative opportunity costs.
c. total costs of production.
d. the number of units produced by a firm.
e. a comparison of marginal cost with average variable costs.
b
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The cost savings from outsourcing often lead to ________ for consumers and ________ for the outsourcing company
A) lower prices; more output B) lower prices; less output C) higher prices; more output D) higher prices; less output
Which government agency regulates futures markets?
A) SEC B) Commodity Futures Trading Commission C) Board of Trade D) the Federal Futures Agency
The U.S. income tax system is completely indexed for inflation
a. True b. False Indicate whether the statement is true or false
Under a pure command system of government, decisions are made by:
a. firms. b. households. c. the central government. d. banks.