By specialization and trade, two individuals can
A) consume at a point beyond their individual production possibilities frontiers.
B) increase their comparative advantage.
C) increase their absolute advantage.
D) shift their individual production possibilities frontiers outward.
A
Economics
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Refer to Figure 12-2. What is the amount of profit if the firm produces Q2 units?
A) It is equal to the vertical distance c to g multiplied by Q2 units. B) It is equal to the vertical distance g to Q2. C) It is equal to the vertical distance c to Q2. D) It is equal to the vertical distance c to g.
Economics
Which of the following is NOT a transfer payment?
A) Medicare B) Social Security retirement payments C) Social Security disability payments D) spending on national defense
Economics