The principle of comparative advantage states that total output is greatest when each product is made by the country that has the _____________.
Fill in the blank(s) with the appropriate word(s).
lowest opportunity cost
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If the CPI changes from 125 to 120 between 2015 and 2016, how did prices change between 2015 and 2016?
A) Prices increased by 25%. B) Prices decreased by 5% C) Prices decreased by 4%. D) Prices increased by 5%.
Multiple levels of government are desirable because _____
a. different governmental activities are best undertaken by governments of different sizes b. many governmental activities can only be financed if taxed at multiple levels of government c. multiple levels of government provide sufficient bureaucracy to deal with the complex problems faced by today's governments d. government could not be financed adequately without local governments doing the majority of the work ensuring compliance with the tax system