The ability to produce the same quantity of a good or service using fewer units of labor is known as
A) competitive dominance.
B) productive dominance.
C) comparative advantage.
D) absolute advantage.
D
You might also like to view...
Economists use game theory to analyze strategic behavior, which takes into account
A) monopoly situations. B) the expected behavior of others and the recognition of mutual interdependence. C) the price-taking behavior of oligopolists. D) non-price competition. E) that increased demand decreases the market power of the firms in the market.
Many economists argue that, in the long run, the economy self-corrects and achieves full employment. This argument is known as the:
a. natural rate hypothesis. b. incomes policy approach. c. political business cycle theory. d. Keynesian cross model.
A typical FOMC meeting would best be described as:
A. an informal meeting with significant give and take among participants. B. a fairly formal session with not much give and take. C. an informal meeting with the Chairman as a passive observer. D. a press conference, where the financial press can ask questions regarding the Fed's view of the economy.
A benefit of deductibles and health savings accounts is that they
A. reduce the moral hazard problem associated with third-party payers. B. reduce the incomes of physicians. C. increase the quality of health care. D. reduce the use of expensive techniques for hopeless cases.