A country that creates competitive advantage where there are not comparative advantages misallocates its resources and has lower national well being

The lawmaking time lag is best described as the time that it takes

A) Congress to realize that new laws must be passed to change taxes or spending. B) a newly passed law to become the norm in daily lives. C) the President to sign a bill sent from Congress. D) a jury to render a verdict. E) Congress to pass laws needed to change taxes or spending.

When a shortage of a goods leads to a price increase, its price usually rises because

A) Americans are committed to capitalism. B) most people are better off if it does. C) sellers can benefit by raising their prices. D) higher prices lead to scarce goods being allocated most efficiently.