The principle of comparative advantage was developed by
A. Harry Truman.
B. David Ricardo.
C. John Maynard Keynes.
D. Adam Smith.
Ans: B. David Ricardo.
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The table below shows four alternative techniques for assembling a car. Which of the four techniques for assembling a car cannot be economically efficient with any input prices?
A) T-1 B) T-2 C) T-3 D) T-4
As output increases, the AVC
a. increases. b. decreases. c. remains the same. d. falls and then rises.
Like profit-seeking, rent seeking is also a productive activity and contributes to the growth of the economy
a. True b. False Indicate whether the statement is true or false
Assuming MPC = 0.5, a $500 increase in intended investment will shift the aggregate expenditure curve up by
a. $500 and will increase the equilibrium level of national income by $500 b. $500 and will increase the equilibrium level of national income by less than $500 c. $500 and will increase the equilibrium level of national income by more than $500 d. more than $500 and will increase the equilibrium level of national income by more than $500 e. less than $500 and will increase the equilibrium level of national income by less than $500