For a nation to have ________ in producing a good it must have a lower opportunity cost of producing that good than the other country
A) a comparative advantage
B) an autarky advantage
C) an absolute advantage
D) both a comparative advantage and an absolute advantage
A
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A policy change that reduces the natural rate of unemployment shifts both the long-run aggregate-supply curve and the long-run Phillips curve left
a. True b. False Indicate whether the statement is true or false
Socialism in theory is based on the principle that individuals should:
A. cooperate with one another to meet their needs. B. rely on the government to meet their needs. C. look out for their own interests and let the government look out for the public interest. D. compete with one another to meet their needs.
As the variable on the Y-axis rises the variable on the X-axis falls. The relationship between X and Y is said to be positive.
Answer the following statement true (T) or false (F)
Suppose a sandwich shop currently employs four workers and the shop produces 12 sandwiches an hour. A fifth worker gets hired and the shop now produces 15 sandwiches per hour. Which of the following is true?
A. The marginal product of the fifth worker is three sandwiches. B. The total product of the sandwich shop is now 27 sandwiches. C. Diminishing marginal product has set in. D. All of these are true.