A nation's comparative advantage is determined by
A. the total cost of production.
B. the quantity of resources required to produce a unit of output.
C. the opportunity cost of producing an item relative to a trading partner's opportunity cost of producing the same item.
D. specialization in the production of all goods.
C. the opportunity cost of producing an item relative to a trading partner's opportunity cost of producing the same item.
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Unlimited liability is found in
A) proprietorships and corporations. B) partnerships and corporations. C) proprietorships and partnerships. D) proprietorships, partnerships, and corporations.
In Homer's Odyssey, Odysseus instructs his crew members to tie him to the mast of the ship so that he is not later tempted by the Siren's song. Which of the following irrational behaviors was he trying to avoid? a. People are overconfident
b. People behave in a time inconsistent manner. c. People give too much weight to a small number of vivid observations. d. People are reluctant to change their minds.