Which of the following is a service?
a. anything that is scarce and that satisfies unlimited human wants
b. a thing for which people pay money
c. an intangible activity that satisfies human wants
d. any output produced by a service-sector industry, such as fast food
e. something less desirable than a good
C
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For each surfboard that Australia produces, it gives up the opportunity to make 25 boomerangs. New Zealand can produce 1 surfboard for every 15 boomerangs it produces
Which of the following is true about the comparative advantage between the two countries? A) Australia has the comparative advantage in producing surfboards. B) New Zealand has the comparative advantage in producing surfboards and boomerangs. C) Australia has the comparative advantage in producing boomerangs. D) New Zealand has the comparative advantage in producing boomerangs.
In 1997 the price of a local telephone call from most pay phones rose from 15 cents to 25 cents. What effect do you think this will have on phone company revenues? Explain