Specialization and trade are closely linked to
a. absolute advantage.
b. comparative advantage.
c. gains to some traders that exactly offset losses to other traders.
d. shrinkage of the economic pie.
b
Economics
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The principle that the cost of something is equal to what is sacrificed to get it is known as the
A) reality principle. B) marginal principle. C) principle of opportunity cost. D) principle of diminishing returns.
Economics
Each person in the population can be classified as employed, unemployed, or not in the labor force
a. True b. False Indicate whether the statement is true or false
Economics