The national debt is unlikely to cause national bankruptcy because the federal government can:

The price of peaches goes up and I observe you buying fewer strawberries. This implies strawberries must be a normal good.

Answer the following statement true (T) or false (F)

Given two economic systems, A and B, if economy A has an absolute advantage in the production of widgets, then

A. fewer inputs are necessary to produce widgets in economy A than in economy B. B. economy A is less efficient in the production of widgets than economy B. C. economy A would not benefit from the specialization of production. D. economy A must give up less of all other goods to produce widgets than economy B.