Which of the following best describes comparative advantage?
a. If a state can produce the highest volume of wool in the world, that state should produce wool regardless ofopportunity cost
b. If a state can produce equal amounts of wine and wool, that state should produce whichever good is moreexpensive and desirable in the global economy.
c. If a state can produce wine at a lower opportunity cost than wool, that state should produce wine even if itcould produce more wool than any other state in the world.
d. States should avoid producing wine, as wool is a more valuable resource to the economy.
c
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How much do Americans spend on health care each year?
a. $3 million b. $30 million c. $3 billion d. $3 trillion
The Constitution indicates that the number of electors who will cast ballots for president and vice president
a. cannot exceed 550. b. cannot be changed without an amendment. c. is to be determined by the president every ten years. d. is equal to the number of representatives and senators a state has in Congress. e. is equal to the number of senators a state has in Congress.