An economy that has the lowest cost for producing a particular good is said to have a(n):
A) technological advantage.
B) comparative advantage.
C) convex news production possibilities curve.
D) all of the above are correct and
Ans: B) comparative advantage.
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Problems with the use of commodity money include:
a. quality control. b. storage difficulties. c. inconvenience. d. spoilage. e. All of the above.
If nominal GDP is reported at $10,000 billion and the GDP implicit price defoliator is 150, the GDP in constant dollars is
a. $6,667 billion. b. $8,250 billion. c. $5,650 billion. d. $5,350 billion.
If the value of the domestic currency depreciates:
a. Aggregate demand rises, but aggregate supply does not change. b. Aggregate demand falls and aggregate supply rises. c. Aggregate demand rises and aggregate supply rises. d. Neither aggregate demand nor aggregate supply change. e. Aggregate demand rises and aggregate supply falls.
During World War II, the economic recession that reduced equilibrium income below potential income in most European countries:
A. eliminated any structural deficit. B. increased the structural deficit. C. eliminated any cyclical deficit. D. increased the cyclical deficit.