Economic status tends to be passed on from one generation to the next _____
a. regardless of the monetary wealth that is transmitted from parents to children
b. because of the monetary wealth that is transmitted from parents to children
c. in nearly all societies
d. a and c
d
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In one hour John can produce 20 loaves of bread or 8 cakes. In one hour Phyllis can produce 30 loaves of bread or 15 cakes. Which of the following statements is true?
A) Phyllis has a comparative advantage in producing bread. B) John has a comparative advantage in producing cakes. C) Phyllis has an absolute advantage in both goods. D) John has an absolute advantage in both goods. E) Phyllis has a comparative advantage in producing both cakes and bread.
A country which has a higher ratio of capital to other factors of production than does the rest of the world is
A. relatively capital-scarce. B. said to have a low capital-output ratio. C. operating at a point inside its production-possibility curve. D. relatively capital-abundant.