A country that has an absolute advantage in producing all goods will ________
A) have a comparative advantage in some goods but not all
B) produce all goods at lowest opportunity cost
C) have a comparative advantage in all goods
D) not gain from specialization and trade
A
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Over the course of the 20th century, _____
a. federal government expenditures have grown less than state and local expenditures b. federal government expenditures have increased substantially as a percentage of GDP c. federal government expenditures remained fairly constant except during wartime d. federal government expenditures have always been higher than the expenditures of state and local governments.
In game theory, the strategy that always yields the highest benefit for the player using it is the
A) dominant strategy. B) cooperative strategy. C) prisoners' strategy. D) matrix strategy.