The idea of comparative advantage is related to
A) the idea of opportunity cost.
B) the idea of absolute advantage.
C) using the worker with the most diverse sets of skills.
D) engineering efficiency.
A
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Figure 7-15
In Figure 7-15, we would expect a move along the production indifference curve from A to B if
A. the price of machines falls. B. the price of labor falls. C. output falls. D. the product price rises.
Which of the following are NOT part of the World Bank?
A) International Development Association B) Federal Reserve Bank of New York C) International Center for Settlement of Investment Disputes D) Multinational Investment Guarantee Agency
Which buyers and sellers are included in the market under consideration depends on:
A. their physical proximity. B. the context. C. their preferences. D. the income levels.
The firm can calculate all points on its total cost curve if it knows
A. its production function. B. the prices of inputs and of output. C. its average cost at its optimal output level. D. the prices of inputs and its production function.