Finding the occupation or business activity in which you are relatively more productive helps you earn more money than otherwise would be the case. This reflects the
A. Principle of compound interest.
B. Law of diversification.
C. Law of large numbers.
D. Law of comparative advantage
Ans: D. Law of comparative advantage
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What will be an ideal response?
What is the income elasticity of demand for an inferior good?
With an upward-sloping supply curve, which of the following is true?
a. An increase in price results in an increase in supply. b. A decrease in price results in a decrease in quantity supplied. c. A decrease in price results in an increase in supply. d. An increase in price results in a decrease in quantity supplied.
Reduction of government regulation is a stimulative aggregate supply policy.
Answer the following statement true (T) or false (F)