Name the economist who gave the theory of “Comparative Advantage.”
- Adam Smith
- David Ricardo
- Thomas Robert Malthus
- Amartya Sen
David Ricardo was a classical economist best known for his theory on wages and profit, the labor theory of value, the theory of comparative advantage, and the theory of rents.
Who proposed the theory of the expanding universe?
- Georges Lemaitre
- Galileo Galilei
- Edwin Hubble
- Claudius Ptolemy
American astronomer Edwin Hubble discovered in the 1920s that the Universe is expanding by showing that most galaxies are receding from the Milky Way and the farther away they are, the faster they are receding.
What was the comparative advantage theory of David Ricacrdo?
- When a country can produce a good or service at a lower opportunity cost than another country.
- Pursuit of self-interest, division of labor, and freedom of trade.
- A theory of free-market capitalism directly opposed to government intervention.
- A theory centers on entrepreneurship, knowledge, innovation and technological advancement.
Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
People who regularly move in and out of poverty (for example small farmers and seasonal workers). The occasionally poor are rich most of the time but may sometimes have a patch of bad luck are called ______
- Chronic poor
- Churning poor
- Transient poor
- Non-poor
The churning poor are the people who go in and out of poverty (for example, small farmers and seasonal workers).
Which of the following activities is also referred to as the 'Gold Collar' profession?
- Primary
- Secondary
- Quinary
- Quaternary
Quinary activities are services that focus on the creation, re-arrangement, and interpretation of new and existing ideas; data interpretation, and the use and evaluation of new technologies. Gold Collar Worker: Refers to highly-skilled knowledgeable people such as doctors, lawyers, scientists, and also young, low-wage workers who also get parental support.
