Trevor can shovel a driveway in two hours or he can plow a parking lot in 30 minutes. Paul can shovel a driveway in one hour or he can plow a parking lot in one hour. Given this we know that
Ans: Trevor has an absolute advantage in plowing a parking lot.
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Many public utilities are permitted to operate as monopolies because they enjoy economies of large-scale production
a. True b. False Indicate whether the statement is true or false
A statement of assets and liabilities of any business entity is called
A. an income statement. B. a balance sheet. C. a statement of net worth. D. a cash flow statement.
Suppose that during a given time period the implicit cost for a business was $1,000 and that the explicit cost was $5,000. Also suppose that the firm sold 1,000 units of its products at $5 per item. We can conclude that the firm's
A) accounting profit was $5,000, and its economic profit was $0. B) accounting and economic profits were both $0. C) accounting profit was $0, and economic profit was $1,000. D) accounting profit was $0, and economic profit was -$1,000.
How is the quantity theory of money different from the quantity equation and why must the quantity equation always be true?
What will be an ideal response?