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Author Question: Which of the following best describes comparative advantage? A) using the fewest number of ... (Read 52 times)

penguins

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on: Jun 29, 2018
Which of the following best describes comparative advantage?
 
  A) using the fewest number of resources to produce a given amount of output
  B) being able to produce more output than any other country
  C) having the largest number of resources compared to other countries
  D) forgoing the fewest units of one product to produce a unit of another product
  E) It is the same as absolute advantage.

Question 2

If the real interest rate is 3 percent and the inflation rate is 2 percent, what is the nominal interest rate?
 
  What will be an ideal response?


yasmin

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

The nominal interest rate equals the real interest rate plus the inflation rate, or
(3 percent) + (2 percent) = 5 percent.


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