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Home Question Bank Economics Archive 2025 January 21

Economics Questions from Jan 21,2025

Browse the Economics Q&A Archive for Jan 21,2025, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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a. countries should specialize in the production of goods that they enjoy consuming b. countries should specialize in the production of goods for which they use fewer resources in production than their trading partners c. countries with a comparative advantage in the production of every good need not specialize d. countries should specialize in the production of goods for which they have a lower opportunity cost of production than their trading hich of the following statements about trade is true? a. People that are skilled at all activities cannot benefit from trade. b. Trade can benefit everyone in society because it allows people to specialize in activities in which they have an absolute ad c. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative d. Unrestricted international trade benefits every person in a country equally. Based on the passage on page 468 , what do saving and investing in stocks have in common? A. They provide capital for businesses to grow. B. They provide a sure rate of return. C. They pay a fixed rate of interest. D. They are without risk. If a nation has a comparative advantage in the production of a good, a. it can produce that good at a lower opportunity cost than its trading partner b. it can produce that good using fewer resources than its trading partner c. it can benefit by restricting imports of that good d. it must be the only country with the ability to produce that good e. none of the answer choices are correct If a nation has an absolute advantage in the production of a good, a. it can produce that good at a lower opportunity cost than its trading partner b. it can produce that good using fewer resources than its trading partner c. it can benefit by restricting imports of that good d. it will specialize in the production of that good and export it e. none of the answer choices are correct Which of the following investments carries the most risk? A. opening a savings account at a local bank B. buying a certificate of deposit at a savings and loan institution C. buying stock in a new company, such as an Internet startup D. buying stock in an established company, such as Microsoft (b) If there had been more than 1.12 euros to \( £ 1 \), how would this affect your answer to part (a)? 3. Private ownership of property (land or build- ings) is a key characteristic of the free enter- prise system. Owning property gives people a strong incentive to take care of it and use it productively. What is the basis for this incentive? A. Property owners have a stake in the future value of the property. B. Property owners work harder than tenants do. C. Property owners are given tax incentives by the federal government. D. Property owners must pay real estate taxe to local government. According to the passage, (select....) \( ) \) is one char- acteristic of a recession. - increased job growth - large investments of capital - increased consumer spending - rising unemployment LARRY: Hi, Jacques. Many concepts in economics can be confusing at first. Let's talk it through. Economists think of costs a bit differently than just the dollar amount that you pay. To an economist, the true cost of college includes the total value of what you give up in order to acquire your college education. In other words, not only did you give up the tuition money that you paid, but by attending college, you gave up opportunities to do other things with your time as well. This is where the idea of opportunity cost comes from. The opportunity cost of your decision to go to college is the value of the next best alternative that you gave up. Suppose that your next best alternative to college is to work as a cashier. By not going to college, and taking this job, you could earn \( \$ 16,000 \) per year. Then your opportunity cost of college is \( \$ \), and your total cost of a year of college is JACQuES: I think I get it now. So when I take into account the opportunity cost of colleg \( \$ 51,000 \) cost is actually tuition.
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