Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 Suppose Smith and Jones begin by producing 100 calculators per hour; as Smith and Jones choose to efficiently produce fewer computers and more calculators, ________ should devote more time to calculators because his ________.
A. Jones; absolute advantage is smaller
B. Smith; opportunity costs are lower
C. Smith; absolute advantage is larger
D. Jones; opportunity costs are lower
Answer: D
Economics
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Nonrivalry and nonexcludability are the main characteristics of:
A. consumption goods. B. capital goods. C. private goods. D. public goods.
Economics
In 1911 the Supreme Court formulated the _________, which stipulated that bigness itself was no offense as long as that bigness was not used against rival firms.
Fill in the blank(s) with the appropriate word(s).
Economics