If Josylnn can make $70,000 as an accountant, $50,000 as a school teacher, $20,000 as a cook, and nothing as an opera singer, she has a comparative advantage in
A. opera singing.
B. being a cook.
C. being a school teacher.
D. accounting.
Answer: D
You might also like to view...
Payments to a factor of production in excess of the minimum payments necessary to call it into existence constitute
a. consumers' surplus b. rent c. a golden parachute d. an efficiency wage
The game in the figure shown is a version of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. a sequential game.
B. a simultaneous game.
C. a cooperative game.
D. an ultimatum.
A monopolist is best described as a price
a. taker. b. searcher. c. maker. d. follower.
For the purpose of analyzing the gains and losses from a tax on a good, we use tax revenue as a direct measure of the
a. government's benefit from the tax. b. government's loss from the tax. c. deadweight loss of the tax. d. overall net gain to society of the tax.