Which of the following statements about absolute and comparative advantage is not true? A country may have:
A. a comparative advantage but not an absolute advantage in the production of a good.
B. an absolute advantage but not a comparative advantage in the production of a good
C. the absolute advantage in the production of all goods.
D. neither absolute nor comparative advantage in the production of any goods.
D. neither absolute nor comparative advantage in the production of any goods.
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If the Consumer Price Index for a certain year is 120, this means that the average price of consumer items in that year was
A) 120% higher than the average price in the base period 1982-84 B) About $120 per basket of consumer goods and services C) 20% higher than the average price in the base period 1982-84 D) 20% higher than the average price of the preceding year
Refer to the table. If each of the 100 firms in the industry is maximizing its profit and earning only a normal profit, each must have an average total cost of:
A. $2.
B. $3.
C. $4.
D. $5.
Refer to the given data. At the $100 level of income, the average propensity to save is:
A. .10.
B. .20.
C. .25.
D. .90.
During 1971 - 1998, the new ________ and greatly expanded EITC created a motivation for the low-earning households to file returns when they were not legally required to do so.
A. Working Tax Credit B. Child Tax Credit C. Retirement Savings Credit D. Earned Income Credit