If Tom can wax a car in fewer hours than Jerry, then Tom definitely has

A) a comparative advantage in car waxing.
B) an absolute advantage in car waxing.
C) both a comparative and an absolute advantage in car waxing.
D) neither a comparative nor an absolute advantage in car waxing.
E) an undetermined advantage because we do not know how long it takes Tom and Jerry to wash a car.

B

Economics

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Someone once said that Chevrolet is so large that if it shakes its tail, its takes two years for its head to notice it. This is an example of

a. profit centers b. economies of scale c. diseconomies of scale d. diminishing marginal returns e. diminishing marginal cost

Economics

Which of the following explains the recent decline in union membership in the United States?

a. smaller government safety nets b. slower technological change c. the change from a manufacturing to a service-based economy d. increasing market concentration e. none of the above

Economics