If a nation can produce greater quantities of a good than another nation, it has a(n)
a. comparative advantage.
b. absolute advantage.
c. declarative advantage.
d. entire advantage.
b
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Joe's Pizza Shop only makes pizza. If each pizza requires five people, each of whom specializes in one task, this method of production is an example of
A) economies of scope. B) team production. C) economies of monitoring. D) economies of coordination.
If a farmer's opportunity cost of producing 50,000 bushels of wheat is 20,000 fewer bushels of soybeans, then her opportunity cost of producing 50,000 bushels of soybeans must also be 20,000 fewer bushels of wheat
a. True b. False Indicate whether the statement is true or false
Assume the bonds below have the same term and principal and that the state or local government that issues the municipal bond has a good credit rating. Which list has bonds correctly ordered from the one that pays the highest interest rate to the one that pays the lowest interest rate?
a. corporate bond, municipal bond, U.S. government bond b. corporate bond, U.S. government bond, municipal bond c. municipal bond, U.S. government bond, corporate bond d. U.S. government bond, municipal bond, corporate bond
The demand for farm goods is income inelastic if the percentage change in quantity demanded is __________ the percentage change in __________
A) greater than; income B) equal to; income C) less than; income D) greater than; revenue E) less than; revenue