Individuals who have never been the best at doing anything
A) cannot have a comparative advantage in producing any product.
B) can still have a comparative advantage in producing some product.
C) perform all tasks at a higher opportunity cost than others.
D) must have an absolute advantage in at least ones task.
Answer: B
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An increase in the money supply: a. will definitely result in inflation if unemployment is high and there is much unused industrial capacity. b. shifts the aggregate demand curve to the left
c. will probably result in inflation if the economy is fully employed. d. causes interest rates to rise.
If the production possibilities curves of two countries have the same slope,
a. neither has a comparative advantage, and there are no gains from trade. b. although there is no comparative advantage, there are potential gains if there are differences in absolute advantage. c. neither has an absolute advantage, and there cannot be gains from trade. d. both have an absolute advantage, and can gain from trade.