Economist Adam Smith referred to "the invisible hand" of the market, but that invisible hand is really just the workings of Group of answer choices A altruism B prices C comparative advantage D productivity

Q: Any point on a country's production possibilities frontier represents a combination of two goods…

A: Production possibility frontier is used for 2 goods. These two goods can be anything.

Q: Review Porter’s Theory of Competitive Advantage and assess the extent to which the model can be used…

A: Competitive advantage is based on some important factors which make the company or nation unique and…

Q: What is the theory of comparative advantage?

A: The theory of absolute advantage was developed by Adam Smith. However, after Adam Smith developed…

Q: Kyoko has opened a new startup company in web design. Within the first month of business, the…

A: Firms generally do trade with other firms when they have a lack of resources, to fulfill and satisfy…

Q: Recent economic reports suggest that the U.S. economy is operating its resources efficiently. This…

A: The central problem of economics is the scarcity of resources. The unlimited wants and the limited…

Q: Which of the following are made constant when applying the production possibilities curve theory?…

A: A production possibility curve reflects the various combination of two goods that can be produced in…

Q: Which of the following statements is not correct?   Trade allows for specialization.…

A: For trade to be occur minimum two parties are required.

Q: Shifts in production possibilities Suppose South Africa produces two types of goods:…

A: Production-possibility frontier (PPF):Production–possibility frontier or the PPF curve shows the…

Q: Question 1: Using the same amount of time and resources. Sara can either write 100 lines of code or…

A: The comparative advantage delineates the benefits that an individual enjoys when he/she can make a…

Q: The principle of increasing marginal opportunity cost indicates that as a firm incrementally…

A: Marginal opportunity cost refers to the additional opportunity cost of producing an additional unit…

Q: Suppose Ireland produces two types of goods: agricultural and capital. The following diagram shows…

A: Production possibility frontier (PPF) shows the combination of two goods that a nation can produce…

Q: Label each of the following statements as positive or normative: v The power of population is so…

A: Positive statements are based on facts, actual data, and these statements can be checked whether it…

Q: LeBron James is extremely tall and athletic and, therefore, can clean his house faster than any…

A: As the question states that being very tall and athletic, he can clean his own house faster but when…

Q: The New York Times (Nov. 30, 1993) reported that “the inability of OPEC to agree last week to cut…

A: A cartel is a formal organization of producers of a commodity inorder to increase profits by…

Q: What distinguishes comparative advantage from absolute advantage in production?

A: Production refers to conversion of raw material into finished goods.

Q: Comparative advantage     The price of the good sold in the market, but not the quantity bought…

A: Answer Option 'C' is correct - Both price and quantity of the good bought and sold in the market

Q: What is comparative advantage?  Give an example.  Why does it make sense for economies to specialize…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: The labor requirement per unit of output,   USA Mexico Shirt 8 4 Taco 4 12 Which of the following…

A: Absolute advantage refers to the ability to produce a good at a lower cost compared to another…

Q: Q9 In the 18th century, _____ was the first to formulate the principle of comparative advantage. a.…

A: The concept of Comparative advantage was firstly introduced by the British political economist David…

Q: comparative or absolute advantage

A: Absolute advantage depicts that ability of a firm, or a country to produce goods in absolute numbers…

Q: People in the U.S. state of Iowa eat both corn and potatoes. It is technically possible for farmers…

A: Trading is an initial economic concept that involves buying and selling of services and goods in…

Q: Mya and Donovan produce two goods in an 8 hour day. Mya can produce 10 capital or 55 consumables and…

A: According to question data represent the productivity table for the Mya and Donovan in 8 hours a day…

Q: Individuals who wish for the state ownership of resources and for state control over economic…

A: Communism is a system that seeks to create a equality in terms of production, and all the factors of…

Q: Homework (Ch 02) Suppose South Africa produces two types of goods: agricultural and capital. The…

A: Production possibilities frontier shows the combinations of two goods that can be produced with the…

Q: Microeconomics is the study of:     The gains from trade since we can only consume what we produce…

A: Micro economics facilitates easy understanding of our economic system.

Q: Compare and explain absolute and comparative advantage by giving examples

A: A country or organization is said to have an absolute advantage, it requires fewer assets—by and…

Q: A traditional economic system which is simply explained as “producers consumers relationship” is…

A: The economics as a study is based upon the idea that the economies, or the societies around the…

Q: Evaluate the following statement: "Trade is like football: one team wins and the other team loses."…

A: Evaluate the following statement: "Trade is like football: one team wins and the other team loses.…

Q: . Which of the following best explains the concept of an absolute advantage? Performing an economic…

A: Absolute advantage refers to the situation where one party can produce the same amount of goods and…

Q: Suppose France produces two types of goods: agricultural and capital. The following diagram shows…

A: Production possibility frontier illustrates the combinations of two goods that can be produced using…

Q: Suppose the United States produces two types of goods: agricultural and capital. The following…

A: A production possibility curve shows various combinations of two goods that an economy can produce…

Q: Suppose South Africa produces two types of goods: agricultural and capital. The following diagram…

A: The Production Possibility Frontier is the locus point of all the different combinations of the two…

Q: Explain the difference between absolute advantage and comparative advantage. Which is more important…

A: Opportunity cost is the decrease in number of units of one good to produce more of other good.

Q: Classify each of the statements as an example of positive or normative analysis.. The sugar quota in…

A: The sugar quota in the United States costs consumers $6.08 billion a year. Correct Answer: Positive…

Q: he law of one price says that the price of... a. Labour, measured in terms of its opportunity…

A: Law of one price states that  price of identical product or good would be same across the market if…

Q: What is absolute advantage? What is comparative advantage? Under what conditions does comparative…

A: Foreign trade is the movement of money, products and services through country boundaries or…

Q: Economics Which of the following is an example of offshoring? Question 18 options:   D) Dell…

A: Offshoring: The term offshoring refers to the reallocation of business activity or process from one…

Q: Compare and contrast absolute advantage and comparative theories. advantage trade

A: The goal of Trade Theory is to explain current trade patterns and their impact on the domestic…

Q: Compare and contrast absolute advantage and comparative advantage

A: Absolute advantage is the ability of a party (person, company or country) can produce large quantity…

Q: State whether each entry below is positive or normative—explain your answer. Low-income people pay…

A: Positive and normative economics are correctly referred to as the two arms of economics.   Positive…

Q: As of April 2022, Apple's iOS and Android combined market share in mobile operating system is 99.6%…

A: Apple may have raised the pricing of its handsets after studying the demand and supply scenario for…

Q: Suppose the United Kingdom produces two types of goods: agricultural and capital. The following…

A: The curve that depicts the quantities being produced possibly of the two products if both of them…

Q: In market economies, most decisions are made by ___, while in command economies, most economic…

A: Command economy: - a command economy is a controlled economy where all economic decisions are taken…

Q: Suppose you have a team of two workers: one is a baker and one is a chef. Your baker is talented but…

A: The measure that depicts the exchange of goods and services among countries or entities in lieu of…

Q: Consider the table below to answer the next two questions. Quantity of X Quantity of Y 0 800 1…

A: 1. The opportunity cost is the value of the next best alternative which is foregone while making the…

Q: Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour.…

A: Opportunity cost is nothing but the cost of the next best alternative or the amount sacrificed to…