A person has a comparative advantage in the production of a good when they can produce the product at a(n) ________ opportunity cost compared to another person
Fill in the blank(s) with the appropriate word(s).
lower
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An increase in an individual's income without changing relative prices will
a. rotate the budget constraint about the X-axis. b. shift the indifference curves outward. c. shift the budget constraint outward in a parallel way. d. rotate the budget constraint about the Y axis.
A major difference between social insurance and income assistance programs is that
a. social insurance programs are run by the states and income assistance programs are run by the federal government b. funding for social insurance programs comes exclusively from the federal government, whereas income assistance programs are funded both at the state and federal levels c. benefits from social insurance programs are related to a worker's contributions to the programs, whereas benefits from income assistance programs are not d. social insurance programs are available only to households with children e. income assistance programs are available only to households without children
Revenue remains unchanged along a straight-line demand curve.
Answer the following statement true (T) or false (F)
Refer to the above diagram of the market for corn. If the price in this market is at $2 per bushel, then there will be a:
Surplus and the price will tend to rise Surplus and the price will tend to fall Shortage and the price will tend to rise Shortage and the price will tend to fall