A country possesses a comparative advantage in the production of a product if
A) the opportunity cost, in terms of the amount of other products that it gives up to produce this product, is lower than it is for its trading partners.
B) it possesses an absolute advantage in the production of this good compared to its trading partners.
C) it is able to produce less of this good per worker than its trading partners.
D) it can produce more of this good per hour than its trading partners.
A
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If income in Austria decreases by 30 million euros and consumption decreases by 24 euros, then the MPC equals
A. 0.90. B. 0.80. C. 0.60. D. ?0.60.
States are required by federal laws to offer child-support enforcement to all parents who request it
Indicate whether the statement is true or false
Income inequality is greater within nations than among nations
a. True b. False Indicate whether the statement is true or false
A firm operating at MC = MR must be making a profit
a. True b. False Indicate whether the statement is true or false