Based on the theory of comparative advantage, nations maximize their well-being when they
A) create more jobs.
B) allocate resources more efficiently.
C) increase trade surpluses.
D) increase exports.
B
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For anything to be considered money it must be
A) either a commodity or a token, as long as it is generally accepted as a means of payment. B) a valuable commodity, such as gold. C) used in barter transactions. D) a mystical token, such as whale teeth. E) a token, such as a green piece of paper.
The table above shows a nation's production possibilities frontier. The opportunity cost of a robot between combination D and E is
A) 1/4 of a pizza. B) 34 pizzas. C) 30 pizzas. D) 4 pizzas. E) undefined because neither point is production efficient.
Which of the following is not an effective technique for alleviating scarcity?
A) Developing additional resources B) Reducing prices C) Reducing wants D) Substituting intelligently among available goods
Define incrementalism and give two reasons why incrementalism might be efficient
What will be an ideal response?