If Bob can produce completed mathematics homework assignments at a lower opportunity cost than Jane can accomplish, then Bob has ________ in completing mathematics homework assignments
A) a relative advantage
B) an absolute advantage
C) a complete advantage
D) a comparative disadvantage
D
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Refer to the following graph.
A lazy monopolist is best described by earning area A and B in profits.
Answer the following statement true (T) or false (F)
The Coase Theorem implies that the reason people sue each other in court is that property rights have not been sufficiently well specified.
Answer the following statement true (T) or false (F)
The following is an example of the moral-hazard problem: Homebuyers do not properly evaluate the risks involved in buying a home, because they are assuming the government will bail them out of a bad mortgage as it has done before.
Answer the following statement true (T) or false (F)
An increase the expected future price of a good
A) increases its demand. B) decreases its demand. C) increases its supply. D) has no effect on either its demand or its supply.