For any pair of nations and goods, if each country has a comparative advantage in the production of one product, it is reasonable to expect that specialization and trade will benefit both countries.
Answer the following statement true (T) or false (F)
False
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If the price of apples went up by 25 percent, which of the following values of the cross price elasticity for cars would be most reasonable to anticipate?
A) 0.0 B) 1.2 C) -2.5 D) -1.0
Jim is planning on attending a football game that costs $40 . He will have to take the day off from the work losing 8 hours of work. His hourly wage is $10 . He estimates it will cost him around $20 for gas and parking at the game. Jim's implicit (opportunity) cost of attending the game equals
a. $80 b. $40 c. $20 d. $140
Capital goods, like factories and machinery, are classified as intermediate goods
a. True b. False Indicate whether the statement is true or false
Too much spending chasing too few goods best describes:
What will be an ideal response?