The ability to produce a good at a lower opportunity cost than others is known as
A) comparative advantage.
B) absolute advantage.
C) specialization.
D) marginal cost production.
A
You might also like to view...
We do not have reliable information on the time lags between expansionary fiscal and monetary policy actions and their effect on production and prices because
A) Congress has reduced the funds available to the Bureau of Economic Analysis. B) economists believe any discretionary policy would only make matters worse. C) economists have only recently discovered the importance of this problem. D) the length of the lags will depend in large part on how long they are thought to be.
The main purpose of the International Monetary Fund is to manage and distribute U.S. foreign aid
a. True b. False Indicate whether the statement is true or false
Membership in the Group of Seven consists of both developed and developing countries.
Answer the following statement true (T) or false (F)
The Norwegian economy can be characterized by Equation 24.3.EQUATION 24.3:C = 100 + 0.8Yd G = 500T = 200I = 200Refer to Equation 24.3. At the equilibrium level of output in Norway, leakages equal
A. 880. B. 830. C. 750. D. 700.