When one country can produce a product at a ________ cost in terms of other goods, that country is said to have a(n) ________ advantage.
A. higher; comparative
B. higher; absolute
C. lower; comparative
D. lower; absolute
Answer: C
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When an individual deposits currency into a checking account:
A. bank reserves decrease, which reduces the amount banks can lend and reduces the growth of the money supply. B. bank liabilities increase, which reduces the amount banks can lend and reduces the growth of the money supply. C. bank reserves are unchanged. D. bank reserves increase, which allows banks to lend more and increases the money supply.
The theory of creative destruction implies that too much competition leads to monopolies
Indicate whether the statement is true or false
Which of these statements describes inflation? a. It refers to the temporary rise and fall in the price of a particular good in a market. b. It refers to a one-time shift in the equilibrium price of a good
c. It refers to an increase in the demand for a particular good. d. It refers to an ongoing increase in prices from year to year.
As the aggregate demand curve shifts leftward along a given aggregate supply curve,
a. unemployment and inflation are higher. b. unemployment and inflation are lower. c. unemployment is higher and inflation is lower. d. unemployment is lower and inflation is higher.