The process of making the best of our limited resources by doing the things we are best at and hiring other people to do the things we are not particularly good at is called
A) absolute advantage.
B) comparative advantage.
C) specialization.
D) protectionism.
C
Economics
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The best measure of the standard of living is
A) real GDP per capita. B) real GDP. C) nominal GDP per capita. D) nominal GDP.
Economics
Refer to Figure 1-1. Using the information in the figure above, calculate the percentage change in sales of alcoholic beverages between 2012 and 2016
A) 30% B) 50% C) 66.7% D) 100%
Economics
A tax placed on imports is known as
A) voluntary restraint agreement. B) tariff. C) quota. D) infant industry.
Economics
The delay between the time at which an event occurs and the time at which policymakers become aware of it is called
A) the impact lag. B) the implementation lag. C) the government lag. D) the recognition lag.
Economics