The idea of comparative advantage is related to
A) the idea of opportunity cost.
B) the idea of absolute advantage.
C) using the worker with the most diverse sets of skills.
D) engineering efficiency.
Answer: A
Economics
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Assume that India has a comparative advantage in producing a computer game. The United States has an absolute advantage in producing the same game. Mutually advantageous trade will have India producing and exporting the game while the United States will specialize in producing something else
a. True b. False
Economics
In 2015, Richard buys a 2003 Chevrolet minivan from a neighbor. Will this be counted in the GDP for 2015?
a. Yes b. No c. Yes, if sales tax is paid d. No, because the purchase was from an individual not a dealer
Economics