The concave shape of the PPC indicates that:
What will be an ideal response?
Resources are not equally suited for alternative uses
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List three things that can cause an increase in demand. Be specific
What will be an ideal response?
Which of the following statements is true about comparative advantage?
a. Comparative advantage exists whenever one person, firm, or nation can do something at higher opportunity costs than some other individual, firm, or nation. b. Comparative advantage is interesting theoretically, but it is not relevant when evaluating real-world economic conditions. c. Low income countries cannot possibly have a comparative advantage in the production of any good or service because of the relatively low literacy rate. d. Comparative advantage exists whenever one person, firm, or nation can do something at lower opportunity costs than some other individual, firm, or nation. e. Only technologically advanced economies can have a comparative advantage in the production of a good or service.
In the United States, the overall level of prices more than doubled during the
a. 1950s. b. 1960s. c. 1970s. d. 1980s.
Which is true?
a. strong property laws encourage property owners to start businesses b. corrupt legal systems discourage economic growth c. a strong financial system allows those with entrepreneurial ideas access to funding d. all