Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost of a pair of shoes is __________ for the United States than Canada, so Canada has the ______________ advantage in shoe production.
A. higher; comparative
B. lower; comparative
C. higher; absolute
D. lower; absolute
A. higher; comparative
Economics
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The above figure shows the demand and marginal cost curves for a monopoly. The deadweight loss of this monopoly equals
A) h. B) c. C) c + f. D) c + d + e + f.
Economics
The European Economic Community
a. is a good example of a customs union b. is a region in which the production of basic goods, such as steel and energy, are produced collectively c. is a free trade area d. prohibits imports from other countries e. created the GATT rules
Economics