Multiple Choice
The law of comparative advantage implies that a doctor who is also a talented auto mechanic should
A) get a part-time job at a gas station.
B) do his or her own auto repairs and those of his or her neighbors.
C) hire a professional mechanic to repair his or her car.
D) only repair the cars of other doctors.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Figure 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 3-2
Q2: Figure 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 3-2
Q3: Efficient production can be carried out anywhere
Q5: A production possibilities curve always slopes downward
Q6: Do all valuable items have price tags?<br>A)No,
Q7: While specialization and exchange were very important
Q8: The workers in Adam Smith's famous pin
Q9: If good "A" is represented on the
Q10: Efficiency is defined as minimizing waste.
Q11: Because of scarcity, every economic decision involves<br>A)a