A person has a comparative advantage in producing a good if that person:
a. can produce the good at a lower absolute cost than anyone else.
b. can produce the good at a lower opportunity cost than anyone else.
c. can do a better job than anyone else.
d. spends more money in out-of-pocket expenses than anyone else.
e. can produce the good at a higher opportunity cost than anyone else.
b
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The demand for money schedule shows that the quantity of money that people want to hold
A. rises as income rises. B. falls as income rises. C. falls as the interest rate rises. D. falls as the real price of money rises.
Explain each of the determinants of the present value of expected profits from a buying a new machine
What will be an ideal response?
In general, who will benefit as the result of a tariff? I. Domestic producers II. Domestic consumers III. The domestic government
A) I only B) II only C) both I and III D) both II and III E) All of the above are correct.
In what ways do economists and policymakers who believe that market-based reforms are the key to improving the health care system criticize the Patient Protection and Affordable Care Act (ACA)?
What will be an ideal response?