From the data, the USA:
Alternate Outputs from One Day's Labor Input:
USA: 12 bushels of wheat or 3 yards of textiles.
India: 3 bushels of wheat or 12 yards of textiles.
a. has an absolute advantage over India in the production of textiles.
b. has an absolute advantage over India in the production of wheat.
c. has a comparative advantage in the production of textiles.
d. should export textiles to India.
b. has an absolute advantage over India in the production of wheat.
From the data, the USA has an absolute advantage over India in the production of wheat.
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As Americans have become more health conscious, rules about food labels have become more complex and stringent. This is an example of government acting as
A. referee. B. redistributor. C. taxer. D. defender.
In national income accounting, the value of worn out or obsolete capital is represented by
A) depreciation. B) transfer payments. C) disposable income. D) dividends.
Refer to the figure at the right. Suppose point A is the original equilibrium. If there is an increase in the money supply, the new short-run equilibrium is giving by point
A. A.
B. B.
C. C.
D. D
The rule of equating marginal benefit with marginal cost is proper for economics, but it does not describe the way in which people make non-economic decisions.
Answer the following statement true (T) or false (F)