A country has an absolute advantage over another in the production of widgets if it can produce
a. widgets using smaller quantities of resources than can the other country.
b. more widgets than can the other country.
c. widgets more efficiently than can the other country.
d. widgets at a lower opportunity cost than can the other country.
a
Economics
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Because pollution reduces economic welfare, on this count real GDP as measured
A) decreases as pollution increases. B) increases to take into account the expenditures that will be made in the future to clean up the pollution. C) overstates economic welfare. D) understates economic welfare.
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The fastest growing productivity increases in the United States have occurred in the personal services sector
a. True b. False Indicate whether the statement is true or false
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