A country is said to have an absolute advantage over another country in the production of a product if it uses more resources to produce that product than the other country does.
Answer the following statement true (T) or false (F)
False
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Which of the following statements is FALSE?
A) The production possibilities curve shows the combinations of goods that can be consumed by a nation after trade and specialization begins. B) The production possibilities curve shows the combinations of goods that can be consumed by a nation before trade begins. C) The production possibilities curve shows the combinations of goods that can be produced by a nation after trade and specialization begins. D) The production possibilities curve shows the combinations of goods that can be produced by a nation before trading begins.
If inflation is making it difficult for people to estimate the true marginal benefits and true marginal costs of activities, inflation is leading to
A) confusion costs. B) uncertainty costs. C) tax costs. D) shoe-leather costs. E) increased economic growth.
When the government sets a maximum price that can be charged for a good or service, it creates
A) a price support. B) a price floor. C) a white market. D) a price ceiling.
Nonexcludable and nonrival goods are known as
a. Public goods. b. Private goods. c. Efficient goods. . d. Those which are the last to be purchased. e. There is no such thing as goods which are both Nonexcludable and nonrival.