Answer the following questions true (T) or false (F)
1. Today, the United States charges an average tariff rate of less than 1.5 percent.
2. The ability of a firm or country to produce a good or service at a lower opportunity cost than other producers is called absolute advantage.
3. If a country has an absolute advantage in producing a product, it must also have a comparative advantage in producing that product.
1. TRUE
2. FALSE
3. FALSE
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Jacinda quit her job as a blackjack dealer where she made $42,000 per year to start her own florist business. Her business expenses are $14,000 per year on rent, $21,000 per year on supplies, and $9,000 per year on part time hel
A) $104,000 B) $86,000 C) $62,000 D) $44,000
Looking at the components of the income approach we see that
A) compensation of employees is the largest category. B) consumption is the largest category. C) profits are the largest category. D) rental income is the largest category.