Author Question: Economics is the study of the allocation of scarce resources and scarce time, and the ways in which ... (Read 56 times)

humphriesbr@me.com · **on:** Jun 30, 2018

Economics is the study of the allocation of scarce resources and scarce time, and the ways in which people utilize those resources or that time.
a. True
b. False
Indicate whether the statement is true or false

Question 2

The ability to produce at a lower opportunity cost than someone else is referred to as:
a. absolute advantage.
b. comparative advantage.
c. absolute superiority.
d. competitive disadvantage.