The law of comparative advantage explains why
A) countries but not individuals can benefit from specializing in the activities they do best.
B) individuals as well as countries can benefit from specializing in the activities they do best.
C) neither individuals nor countries can benefit from specializing in the activities they do best.
D) individuals but not countries can benefit from specializing in the activities they do best.
B) individuals as well as countries can benefit from specializing in the activities they do best.
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The above figures show the market for oranges. Which figure(s) shows the effect of a new government program that provides each public school child with an orange to start the day?
A) Figure A B) Figure D C) Figures A and C D) Figures A and D
Economies where goods and services are traded directly for other goods and services are called ________ economies
A) barter B) seigniorage C) direct D) trade
In a Vickrey auction, a bidder's strategy:
A. requires the bidder to understand game theory to bid properly. B. is to bid just below the next highest bidder. C. is to bid what he or she would be willing to pay. D. is to bid just slightly more than the next bidder.
An increase in demand for a product will cause the price of the product to rise and supply of the product to increase.
Answer the following statement true (T) or false (F)