The principle of comparative advantage states that total output is greatest when each product is made by the country that has the _____________.
Fill in the blank(s) with the appropriate word(s).
lowest opportunity cost
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Which of the following is an example of a physical capital in agricultural production?
A) A common canal B) A farmer C) A road D) A tractor
Natural resources include both plants and animals
Indicate whether the statement is true or false
The theory of liquidity preference postulates that the demand for real money balances, plotted against the interest rate, is:
a. vertical. b. downward sloping. c. horizontal. d. upward sloping.
Despite the fact that most votes have virtually no impact on the outcome of a vote, and knowing people incur opportunity costs to vote, we recognize that people vote for all of the following reasons except they:
A. get utility from participating in a civic event. B. altruistically decide to contribute to the democratic process by voting. C. feel pressure to fulfill their civic duty. D. are obligated legally to do so.