Jennifer takes 2 hours to make a loaf of bread and 1 hour to make a dozen cookies. Janet takes 3 hours to make a loaf of bread and 3/4 hours to make a dozen cookies. Who, if either, has an absolute advantage baking bread? Who, if either, has an absolute advantage making cookies?
Jennifer has an absolute advantage baking bread. Janet has an absolute advantage baking cookies.
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Explain how the market supply curve is derived. Does the law of supply apply to the market supply curve?
What will be an ideal response?
An example of a tax-funded program intended to provide basic human needs is the provision of:
A. public education. B. police protection. C. health care. D. national defense.
In 2011, the largest dollar volume of imports for the U.S. came from
a. consumer goods. b. industrial supplies. c. petroleum. d. automobiles.
Government policy-makers often must decide how to balance the potential benefits of ______________ against the potential benefits of _____________
A. competition; nationalization B. corporate size; competition C. corporate size; predatory pricing D. nationalization; privatization