The average height of a professional basketball player is 6 feet, 2 inches while the average height of a professional jockey is 5 feet. If we translate this information into the context and concepts associated with international trade, we can say that
a. each has an absolute advantage over the other in their professional sport
b. because of the height advantage, the basketball player can do both better than the jockey, but has a comparative advantage in basketball
c. because of the height disadvantage, the jockey has no absolute advantage
d. basketball is a more efficient sport than horse racing
e. racing is a more efficient sport than basketball
A
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Regressive taxes have a negative impact on citizens while progressive taxes have a positive impact
Indicate whether the statement is true or false
According to the "law" of demand, we would expect
a. the demand curve to be negatively sloped. b. the demand curve to be positively sloped. c. the total quantity demanded by the market to move in the same direction as price. d. marginal utility to increase as quantity demanded increases.