In economics, activities done for others, such as providing house cleaning or dental work, are referred to as
A) technology.
B) physical capital.
C) services.
D) goods.
Answer: C
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What is signaling?
What will be an ideal response?
In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. Who has a comparative advantage in producing caps? If Sue and Tessa specialize and trade, who will gain?
What will be an ideal response?
Which of the following characterizes the IACs?
A. high per capita GDP growth and high population growth B. low per capita GDP growth and low population growth C. low per capital GDP growth and high savings rate D. low human capital investment
Most resources are best suited for a particular use. For example, climate and other conditions in Florida allow resources to be used in orange production in lieu of wheat or potato production. What economic concept deals with this issue?
A) Opportunity cost B) Fallacy of composition C) Specialization D) None of the above