As shown in Exhibit 3, ______ can produce both cloth and food ______.
a. Wendy; more productively
b. Wendy; at a lower opportunity cost
c. Calvin; more productively
d. Calvin; at a lower opportunity cost
a. Wendy; more productively
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Effective cooperation among the members of a commercial society is more likely when
A) economic decisions are placed in the hands of democratically-elected committees. B) everyone's income is approximately the same. C) people produce for use rather than for profit. D) prices do not change in response to temporary changes in circumstances. E) property rights are clearly defined.
Of the following high-income countries, which has the highest life expectancy at birth?
A) Canada B) Japan C) the United Kingdom D) the United States
Expansionary monetary policy increases the quantity of loans in an economy
a. True b. False Indicate whether the statement is true or false
Explain how the law of comparative advantage benefits developing countries.
What will be an ideal response?