A situation in which one nation produces good A using labor more intensively (relative to capital) than good B and a second nation, producing good A, uses capital more intensively (relative to labor) than good B is called:
A. a reversal of factor intensities.
B. a paradox of factor intensities
C. backward technology.
D. micro intensity.
Ans: A. a reversal of factor intensities.
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A) using the fewest number of resources to produce a given amount of output B) being able to produce more output than any other country C) having the largest number of resources compared to other countries D) forgoing the fewest units of one product to produce a unit of another product E) It is the same as absolute advantage.
Landowners whose property is seized through eminent domain share in the gains that result from the taking of their property
Indicate whether the statement is true or false
Refer to the figure above. If the engineer spends his entire time producing computer programs, how many computer programs can he produce?
A) 12 B) 30 C) 45 D) 50
If the Fed wants to depreciate the U.S. dollar against the British pound, it will ________
A) sell foreign exchange B) decrease the money supply C) sell British pounds D) sell U.S. dollars