If you have a comparative advantage in a particular task, then:
A. you are better at it than other people.
B. you give up less to accomplish that task than do others.
C. you give up more to accomplish that task than do others.
D. you have specialized in that task, while others have not.
Answer: B
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The above figures show the market for hamburger meat. Which figure(s) shows the effect of a new report by the U.S. Surgeon General that beef consumption is healthier than previously believed?
A) Figure A B) Figure B C) Figure D D) Figure A and B
An example of a negative externality created in the market system would be
A) poverty. B) unemployment. C) an increased number of bird flu patients. D) water pollution.
Suppose an oil cartel has an agreement to restrict members' production in order to maintain a price of $30 per barrel. A single cartel member may want to cheat and exceed its quota so that it can:
a. reduce its costs. b. charge higher prices. c. make demand more inelastic. d. earn a bigger profit.
A production possibilities curve will shift inward
A. when the unemployment rate increases. B. when a war destroys the capital goods of a country. C. when production is inefficient. D. when resources are expanding.