An economy is said to have a comparative advantage in the production of a good if it can:
A) produce that good with more resources than another economy.
B) produce that good with a higher opportunity cost than another economy.
C) produce that good outside its production possibilities curve.
D) produce the good at a lower opportunity cost than another economy.
Ans: D) produce the good at a lower opportunity cost than another economy.
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Which statement is true?
A. No one receiving public assistance is employed. B. Some people receiving public assistance are employed. C. More people were receiving public assistance in 2007 than in 1994. D. According to current law, no one will be eligible to receive public assistance by the end of 2012.
Viewed from the perspective of a U.S. farmer, weather variability in other exporting countries can be viewed as
A. supply variability. B. demand and supply variability. C. static variability. D. demand variability.