« previous next »

Author Question: An increase in the price of inputs will cause the supply curve for a product to shift to the right. ... (Read 79 times)

Awilson837

  • Hero Member
  • *****
  • Posts: 509
on: Jun 29, 2018
An increase in the price of inputs will cause the supply curve for a product to shift to the right.
 
  Indicate whether the statement is true or false

Question 2

Explain whether it is possible for a country to have an absolute advantage in the production of a product without having a comparative advantage in the production of that product.
 
  What will be an ideal response?
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


Missbam101

  • Sr. Member
  • ****
  • Posts: 341
Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

A country can have an absolute advantage without having a comparative advantage in the production of a product, because having an absolute advantage means a country can produce more of the product than another country while using the same amount of resources, and having a comparative advantage means that the country can produce the product at a lower opportunity cost than another country. Having a comparative advantage is not required to have an absolute advantage.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

Did you know?

Complications of influenza include: bacterial pneumonia, ear and sinus infections, dehydration, and worsening of chronic conditions such as asthma, congestive heart failure, or diabetes.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r
The adolescent growth spurt in humans is seen as a “bump” in the height curve and a “spike” in the h The adolescent growth spurt in humans is seen as a “bump” in the height curve and a “spike” in the h
Rivers Are a Product of Their Watersheds Rivers Are a Product of Their Watersheds
How to plot a cosine function containing an amplitude and phase-shift (Question 1 of 2) How to plot a cosine function containing an amplitude and phase-shift (Question 1 of 2)
The phenotype of an organism is the product of interactions The phenotype of an organism is the product of interactions
Your company advertises all prices on the menu board as a final price, including HST of 13%. A ... Your company advertises all prices on the menu board as a final price, including HST of 13%. A ...
Video: Cardiac Cycle (Part 4 of 4)

For a complete list of videos, visit our video library