The law of comparative advantage states that the person who should produce a good is the person who
a. has the lowest opportunity cost of producing that good
b. can produce that good using the fewest resources
c. will produce that good using the most expensive resources
d. has the most desire for that good
e. has produced that good in the past
A
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Per capita income is calculated as:
a. national income divided by number of households. b. national income divided by number of people. c. number of households divided by national income. d. number of people divided by national income. e. number of people divided by domestic income.
Senator A agrees to vote for Senator K's state project in exchange for Senator K voting for Senator A's state project. This is an example of:
A. logrolling. B. the paradox of voting. C. the principal-agent problem. D. the median voter model.