If Chris can produce a service using fewer resources than Pat would, then Chris
a. has an absolute advantage in producing that service
b. has a comparative advantage in producing that service
c. has both an absolute advantage and a comparative advantage in producing that service
d. is productively efficient
e. cannot have a comparative advantage in producing that service
A
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Jed had an exam score of 50 percentage points. There is an extra credit assignment that Jed can complete that will raise his exam score by 20 percentage points. Jed has determined that the extra credit assignment will take 10 hours of his time
Jed will complete the assignment he values the A) 20 percentage points more than the 10 hours of his time. B) 10 hours of his time more than the 20 percentage points. C) 70 percentage points more than the 10 hours of his time. D) wants a higher score.
To an economist, the word 'marginal' means:
A) total. B) average. C) next or additional. D) sunk. E) none of these choices.