Which of the following is true?
a. A nation cannot have a comparative advantage in the production of every good
b. A nation cannot have an absolute advantage in the production of every good.
c. A nation can have a comparative advantage in the production of every good, but not an absolute advantage.
d. A nation can have a comparative advantage in the production of a good only if it also has an absolute advantage.
a
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If the bidders at a first-price auction have true values of $78, $72, $66, and $65, the item will sell for
a. $78 b. just under $78 c. $72 d. just over $72
Developing countries can be expected to have a comparative advantage in industries requiring a relatively large amount of skilled labor
a. True b. False Indicate whether the statement is true or false
Consider a market that is in equilibrium. If it experiences a decrease in demand, what will happen? The demand curve will shift to the:
A. left, and the equilibrium price will increase and the equilibrium quantity will decrease. B. left, and the equilibrium price and quantity will fall. C. left, and the equilibrium price and quantity will rise. D. right, and the equilibrium price and quantity will fall.
In the above table, the marginal cost of the ninth unit is
A. $5.00. B. $7.00. C. $6.00. D. $4.00.