The ability to produce a good at a lower opportunity cost than others is called a(n) __________ advantage
A) complementary
B) comparative
C) natural
D) indigenous
B
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A point lying inside the production possibilities curve [PPC] is not an attainable combination
a. True b. False Indicate whether the statement is true or false
Which of the following best expresses the law of demand?
a. An increase in price results from an increase in demand for a good of limited supply. b. The increase in the quantity of a good available when its price increases. c. A decrease in price can be expected as more units of a product are demanded. d. The inverse relationship between the price of a good and the quantity demanded.
The fact that roughly 70 percent of Americans are overweight speaks to the argument of behavioral economists that people lack complete ______.
a. appreciation for the present b. belief in traditional economics c. control over themselves d. knowledge of the market
A legal limit on the amount of sugar imported into the United States is
A) a tariff. B) a subsidy. C) a quota. D) a voluntary import restriction.