A country is said to have a comparative advantage in the production of a good when it:
a. has the lower opportunity cost of producing the good.
b. can produce the good using fewer resources than another country.
c. requires fewer labor hours to produce the good.
d. all of these.
a
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Refer to Figure 5-2. The efficient output level is
A) Qd. B) Qb. C) Qb - Qd. D) Qa.
When positive network effects are present, platform markets exhibit a particular kind of economy of scale.
Answer the following statement true (T) or false (F)
Describe the market process that should occur if the price of a product is below its equilibrium price; now describe what would occur if the price is above its equilibrium price, assuming no market interference
What will be an ideal response?
The threshold income level originally used to determine official poverty statistics was based on
A. a per capita income of $1,000 in 1958 prices. B. standards provided by the United Nations based on studies done in poor countries around the world. C. the highest income of the lowest one-fifth of families in the country. D. an income three times the amount of money needed to purchase a nutritionally adequate diet.