If Ireland can produce cloth at a lower opportunity cost than Austria, then Ireland has a comparative advantage vis-à-vis Austria in cloth
Indicate whether the statement is true or false
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In the above figure, Jack's opportunity cost of producing 1 gallon of soda is ________ of bottled water
A) 2 gallons B) 1/2 of a gallon C) 6 gallons D) 1 gallon E) 1/4 of a gallon
In the economic way of thinking, which statement makes the most sense?
A) Costs determine prices. B) Prices determine costs. C) Costs determine demand. D) Demand determines supply.
The largest liability of the Fed from those on this list is
A) U.S. Treasury securities. B) mortgage-backed securities. C) loans to depository institutions. D) currency outstanding.
If the real wage is below the equilibrium real wage, there would be a ________ of workers and the real wage would ________
A) surplus; decline B) surplus; rise C) shortage; decline D) shortage; rise