Larry has a comparative advantage over his classmates in writing term papers if he:
A. always earns an A on his term papers.
B. can write term papers faster than his classmates.
C. has an absolute advantage in writing term papers.
D. has a lower opportunity cost of writing term papers than his classmates.
Answer: D
You might also like to view...
Suppose all individuals in a group have homothetic tastes. Then we can be sure that the group can be treated as a single representative consumer is if the group members also have identical tastes.
Answer the following statement true (T) or false (F)
Labor-augmenting technological change refers to improvements in efficiency that
A) occur without increasing the productivity of labor or the efficiency of capital goods. B) increase the productivity of labor and the efficiency of capital goods. C) increase the efficiency of capital goods without having to increase the productivity of labor. D) increase the productivity of labor but that do not directly make capital goods more efficient.
You are considering buying a store. The storeowner gives you an estimate of the net profits of the store on a typical day. The owner has most likely given you the figures for
a. The best case scenario b. The worst case scenario c. Any typical day d. Any typical year
The determinants of labor supply include:
A. culture and other opportunities. B. supply of other factors and output prices. C. culture and technology. D. other opportunities and technology.