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


T

Economics

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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

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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.

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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.

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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

Economics