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Which Economist articulated the theory that human population would outgrow the supply of food and resources. Adam Smith Karl Marx Thomas Malthus John Maynard Keynes John Gruden According to the principle of comparative advantage, worldwide output and consumption levels will be highest when goods are produced in nations where which of the following is true? Absolute advantages are highest The balance of trade is in a surplus Relative prices are lowest There are no comparative advantages Those nations are most self-sufficient Karl Marx's theory of surplus value expressed concern over the exploitation of which factor of production Entrepreneurs Capital Goods Financial Capital Land Labor In the absence of international trade. the relative price of producing one bushel of cotton in Egypt is cancm I" mini-ll \"m that. sum an\" Irn posslble to determine from the information given 1 bushel of corn 1.25 bushels of corn .3 bushels of corn 400 bushels of corn Which of the following is NOT a component of Adam Smith's invisible hand? Freedom and Self-Interest Public Goods and Services Su poly and Demand Competition Free Entry and Exit If Egypt and Venezuela begin to engage in bilateral trade. then llcl- l mm \"I\" We all\" I.\" Egypt will export both com and cotton Egypt will import both corn and cotton Egypt will export corn and import cotton Egypt will import corn and export cotton A nuclear war will en sue Which of the following statements best describes the movement from point it to point C on the curve? Production Possibility / Frontier iPl'Fl A It represents an Increase In demand it represents an increase In supply it comes with an opportunity cost of decreased cotton production it comes with an opportunity cost of decrease wine production it represents a drop in productivity Assume that an economy produces televisions and shoes. Which of the following would cause the production possibilities curve for this economy to shift outward? An increase in the labor force An increase in the prices of both goods An Increase In the prices of resources used to produce both goods A decrease in the demand for shoes A change in cons umers' tastes in favor of televisions The basic economic problem of all countries is the existence of tax increases and budget deficits limited resources and unlimited wants unemployment and inflation government and private industry unions and monopoly firms After graduating from high school. Maria chose to to college. while Omar chose to work full- timeWhich of the following has. ascribes the opportunity costs for these decisions? Maria's opportunity cost includes the salary she could have earned it she had gone to work. Maria's opportunity cost is her living expenses while attending college. Omar's opportunity cost is the salary he will earn from working. Omar's opportuan cost is the tuition and expenses he would have paid for college. Omar's opportunity cost is definitely greater than Maria's. Which country has an absolute advantage in sugar production? Whirl Will-rill!!! E1314\" Show: Neither Spain nor Portugal. because both require fewer labor hours to produce a unit of gold than to produce a unit of sugar Spa in. because the opportunity cost of sugar in terms of gold is lower. Portugal. because it requires more total labor hours than Spain to produce a unit of sugar.0ption 3 Spain, because it requires fewer total labor hours than Portugal to produce a unit of sugan Portugal. because it takes only a quarter of an hour to produce a unit of sugar