Economists are generally in support of:
A) government restrictions on trade.
B) free international trade.
C) tariffs to restrict trade.
D) subsidizing exports.
Ans: B) free international trade.
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Refer to Table 2-4. Which of the following statements is true?
A) George has an absolute advantage in both tasks. B) Jack has an absolute advantage in both tasks. C) Jack has an absolute advantage in lawn mowing and George in garden cultivating. D) Jack has an absolute advantage in garden cultivating and George in lawn mowing.
Opportunity cost:
a. represents the best alternative sacrificed for a chosen alternative. b. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity. c. represents the worst alternative sacrificed for a chosen alternative. d. Represents all possible alternatives sacrificed for a chosen alternative.