A nation is said to have _____ in the production of a good if it can produce it at a lower cost than another nation
a. a comparative advantage
b. an absolute advantage
c. economies of scale
d. production efficiency
b
Economics
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A current price below the equilibrium price will result in a surplus.
a. true b. false
Economics
If the unemployment rate is 9 percent and the natural rate of unemployment is 5 percent, then the:
A. frictional unemployment rate is 5 percent. B. cyclical unemployment rate and the frictional unemployment rate together are 5 percent. C. cyclical unemployment rate is 4 percent. D. natural rate of unemployment will eventually increase.
Economics