The parity ratio:
A. compares worker productivity in the farm and nonfarm sectors.
B. is the ratio of per capita farm income to per capita nonfarm income.
C. is the ratio of prices received by farmers to prices paid by farmers.
D. is the ratio of prices paid by farmers to prices received by farmers.
Answer: C
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An economy produces only food and shelter. There are two individuals in the economy: Bill and Mary. Mary's opportunity cost of producing 1 unit of shelter is 2 units of food. Bill's opportunity cost of producing 1 unit of shelter is 4 units of food
A) Bill has a comparative advantage over Mary in the production of shelter. B) Mary has a comparative advantage over Bill in the production of food. C) Mary has a comparative advantage over Bill in the production of shelter. D) Bill has an absolute advantage over Mary in the production of shelter.
After reading Governor Bradford's account, which is the most accurate statement, given his experience?
a. He considered the problems in the colony to be rooted in the "sine and corruption" of selfishness. b. He agreed with Plato that goods held in a "commone wealth" would make the people "happy and flourishing." c. That assigning private plots of land "made all hands very industrious." d. That assigning private plots of land "for this communitie" caused "much confusion and discontent."