If Xavier can produce sandwiches at a lower opportunity cost than Kimani, then
a. Xavier has a comparative advantage in the production of sandwiches.
b. Kimani has a comparative advantage in the production of sandwiches.
c. Xavier should not produce sandwiches.
d. Xavier is capable of producing more sandwiches than Kimani in a given amount of time.
A
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One difficulty in using voluntary transactions to internalize externalities is that
A) people are motivated by self-interest and are often unwilling to engage in a transaction that might make another person better off. B) the government usually will not enforce contracts of this type. C) transaction costs of coming to an agreement can be very large when numerous people are involved. D) people usually don't understand what the real opportunity costs are that they face.
In time series regressions, it is advisable to check for serial correlation first, before checking for heteroskedasticity.
Answer the following statement true (T) or false (F)
The government corrects for externalities in all of the following ways EXCEPT
A. regulation. B. taxes. C. subsidies. D. lobbying.
Briefly describe changes in life expectancy, average height, and infant mortality in the United States since 1850
What will be an ideal response?