Weighing the benefits and costs of the different speeds at which to sail an ocean cargo ship addresses the economic concept known as
A) the principle of opportunity cost. B) the principle of voluntary exchange.
C) the marginal principle. D) the principle of diminishing returns.
C
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(Last Word) In response to the Great Recession, the federal government engaged in significant deficit-funded spending. What was the result of that spending over the first three years?
A. Neither economic growth nor unemployment responded as well as many economists had predicted. B. Economic growth responded in accordance with predictions, but unemployment remained much higher than anticipated. C. Economic growth remained sluggish, but the unemployment rate fell to predicted levels. D. Both economic growth and the unemployment rate responded well, reaching the fiscal policy targets set by the government.
A country is said to have an absolute advantage in a good over another country if that first country:
A. Can produce more units of the good B. Is a more efficient producer of the good C. Is a major consumer of the good D. Has a lower opportunity cost of producing the good