Absolute advantage occurs when one nation can produce a good ____ its trading partners
a. in larger quantities than
b. faster than
c. that is desired by
d. more efficiently than
e. only consumed by
d
Economics
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Comparing the short-run Phillips curve and the long-run Phillips curve, we see that there is
A) no relationship between the two curves. B) no tradeoff in either curve. C) a tradeoff in both curves. D) only a long-run tradeoff between inflation and unemployment but not a short-run tradeoff. E) only a short-run tradeoff between inflation and unemployment but not a long-run tradeoff.
Economics
Refer to Scenario 3. The marginal cost of producing the sixth unit of output is:
A) $33.33 (approximate). B) $55. C) $200. D) $250.
Economics