Crtically evaluat the following statement. "It is possible to calculate comparative advantage even when prices are not known."
What will be an ideal response?
This statement is true. Opportunity cost is all that is required. And of course opportunity cost simply refers to what is given up in order to produce something. The item given up doesn't have to have a monetary price tag in order for opportunity cost to be calculated.
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Deflation refers to a situation where:
A. Price level falls, and could be caused by a shift of AD to the left B. Price level falls, and could be caused by a decrease in aggregate supply C. The rate of inflation falls, and could be caused by a shift of AS to the right D. The rate of inflation rises, and could be caused by an decrease in aggregate demand
Approximately ____ percent of U.S. adults who use the Internet are active on Facebook.
A. 60 B. 70 C. 80 D. 50 E. 40