If I trade a ginger snap for a chocolate chip cookie, I am engaging in
a. barter
b. comparative advantage
c. absolute advantage
d. privatization
e. division of labor
A
You might also like to view...
The marginal cost of an activity is the:
A. the total cost of the activity divided by the change in the level of the activity. B. change in the level of the activity divided by the change in the cost of the activity. C. the total cost of the activity divided by the level of the activity. D. change in the total cost of the activity that results from carrying out an additional unit of the activity.
Why do we have to pay a price for most of the goods we consume?
What will be an ideal response?
How does expansionary monetary policy affect a nation's exchange rate?
What will be an ideal response?
Although there are many reasons why a market can be non-competitive, the principal economic difference between a competitive and a non-competitive market is:
A) the number of firms in the market. B) the extent to which any firm can influence the price of the product. C) the size of the firms in the market. D) the annual sales made by the largest firms in the market. E) the presence of government intervention.