If discussing trade, it is ____ which matters, rather than ____. absolute advantage; comparative advantage
a. absolute advantage; comparative advantage
b. comparative advantage; absolute advantage
c. resource cost; comparative advantage
d. the total amount of the good producible; comparative advantage
b
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Ice Cream ConesTotal Utility150 280 395 495 Using Table 5-3, graph the marginal utility curve.
What will be an ideal response?
If an external cost exists, then who bears the external cost in an unregulated competitive market transaction?
A) nobody B) the federal government C) someone other than the producers D) the buyers of the product
The statistical details on the U.S. balance of international payments between 1790 and 1860 help economic historians determine
(a) what the U.S. sold domestically. (b) how other countries paid for their own domestic goods and services. (c) how the U.S. paid other countries for their exports. (d) changes in domestic trade patterns.
Refer to the information provided in Figure 27.4 below to answer the question(s) that follow.
Figure 27.4Refer to Figure 27.4. If the economy is currently at the intersection of AS and AD, stagflation would be caused by
A. an increase in AD. B. a decrease in AD. C. a decrease in AS. D. an increase in AS.