An individual has an absolute advantage in producing pizzas if that individual:
A. has a higher opportunity cost of producing pizzas than anyone else.
B. has a lower opportunity cost of producing pizzas than anyone else.
C. charges the lowest price for pizzas.
D. can produce more pizzas in a given amount of time than anyone else.
Answer: D
You might also like to view...
Entrepreneurs are people who:
A. entertain the workers. B. engage exclusively in business travel. C. create new economic enterprises. D. run businesses on a day-to-day basis.
Which of the following is not true of long run equilibrium under monopolistic competition? a. Price equals marginal cost
b. Price equals average cost. c. Price equals minimum average total cost. d. None of the above.
Assume that Jane has limited wealth to invest in two assets both of which promise her returns worth $3,000 after two years. The first is a bank deposit assuring an interest of 10 percent per annum and the second is a private bond with an interest rate of 8 percent per annum. Which of the two would require a low initial investment and of what amount?
a. The bond requiring an initial investment worth $2,564 . b. The bank deposit requiring an initial investment worth $2,479. c. The bond requiring an initial investment worth $2,479. d. The bank deposit requiring an initial investment worth $2,564.
The national debt
A) is the difference between total government revenues and government expenditures. B) is the sum of all past federal deficits plus any surpluses. C) is the sum of all past federal deficits less any surpluses. D) grows when government spending increases.