Costumarily, economists classify resources in to these major groups:
What will be an ideal response?
land, labor, capital, and entrepreneurship
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Hiring foreign labor and producing in other countries is an example of offshoring
Indicate whether the statement is true or false
Janis mows the lawn in 1 hour and types a paper in 1 hour. Kristen mows the lawn in 2 hours and types a paper in 1 hour. Which of the following statements is true?
a. Kristen has an absolute advantage in typing and a comparative advantage in mowing. b. Janis has an absolute advantage in both activities and a comparative advantage in typing. c. Janis has an absolute advantage in both activities and a comparative advantage in mowing. d. The opportunity cost of mowing the lawn is greater for Kristen than it is for Janis. e. Neither Janis nor Kristen would gain from specialization.
The age of mass production, which began in the United States during the early years of the 20th century, was the ______ phase of the Industrial Revolution.
A. first B. second C. third D. fourth
The ____________ model best explains intra-industry trade.
a. Ricardian b. Heckscher-Ohlin c. monopolistic competition d. specific-factors