Comparative advantage is
a. the ability of an individual to specialize and produce a greater amount of some good than can another individual
b. the number of units of one good given up in order to acquire something
c. the ability of an individual to produce a good at a lower opportunity cost than some other individual can
d. an expression for the amount of labor a particular individual needs to produce a fixed amount of capital goods
e. a reference to an individual having the greatest opportunity cost of producing the good and produces it with the fewest resources
C
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When the U.S. economy expands, foreign investment in and immigration to the U.S. usually contracts
Indicate whether the statement is true or false
Adding members to a military alliance _____
a. will always strengthen the alliance b. will cause the alliance to dissolve c. might weaken the alliance d. will always weaken the alliance
Which concept is best illustrated by the "prisoner's dilemma"?
a. product standardization b. interaction c. profit maximization d. marginal analysis e. average total cost
The superstar phenomenon explains why professional athletes earn more than amateur athletes
a. True b. False Indicate whether the statement is true or false