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Absolute advantage occurs when
proportional
you have a lower opportunity cost of producing a good
you can produce a good using fewer resources than others
embargo
encourage depressions
government Taxation
more physically fit
An increase in Gross Domestic Product
A tax that takes the same percentage of income from both high-income and low-income earners is
proportional
you have a lower opportunity cost of producing a good
you can produce a good using fewer resources than others
embargo
encourage depressions
government Taxation
more physically fit
An increase in Gross Domestic Product
Which of these does NOT explain why a worker may get paid more than others?
proportional
you have a lower opportunity cost of producing a good
you can produce a good using fewer resources than others
embargo
encourage depressions
government Taxation
more physically fit
An increase in Gross Domestic Product
Which of the following describes a complete ban on trade with another country?
proportional
you have a lower opportunity cost of producing a good
you can produce a good using fewer resources than others
embargo
encourage depressions
government Taxation
more physically fit
An increase in Gross Domestic Product
Which of the following is NOT a part of the Output-Expenditure Model of GDP?
proportional
you have a lower opportunity cost of producing a good
you can produce a good using fewer resources than others
embargo
encourage depressions
government Taxation
more physically fit
An increase in Gross Domestic Product
Comparative advantage occurs when:
proportional
you have a lower opportunity cost of producing a good
you can produce a good using fewer resources than others
embargo
encourage depressions
government Taxation
more physically fit
An increase in Gross Domestic Product
An economist would most likely define economic growth as:
proportional
you have a lower opportunity cost of producing a good
you can produce a good using fewer resources than others
embargo
encourage depressions
government Taxation
more physically fit
An increase in Gross Domestic Product
The goals of the Federal Reserve are to:
proportional
you have a lower opportunity cost of producing a good
you can produce a good using fewer resources than others
embargo
encourage depressions
government Taxation
more physically fit
An increase in Gross Domestic Product
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