What kind of progress was made by developing countries to break into world markets for their exports of manufactures?
What will be an ideal response?
POSSIBLE RESPONSE: Developing countries have become locations for low-cost assembly of more technologically advanced products like computers. Furthermore, developing countries have become exporters in standardized manufacturing lines such as apparel where technological progress has cooled down. Barriers against imports of manufactures from developing countries were not all that solid. Newcomers can gain market access for new manufactured product exports because they are not restricted by country-specific barriers such as voluntary export restraints and antidumping duties.
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Monetary costs and opportunity costs are always identical.
Answer the following statement true (T) or false (F)
If Simple were able to move first in a sequential version of the game in Scenario 13.15, the equilibrium would be
A) an $80 price for Simple and a $70 price for Boring. B) an $80 price for Simple and a $25 price for Boring. C) a $35 price for Simple and a $70 price for Boring. D) a $35 price for Simple and a $25 price for Boring. E) a mixed strategy equilibrium.
The patent system is intended to: a. prevent natural monopolies from unfairly exploiting their cost advantages. b. reward innovators by granting them temporary monopolies
c. spread information among firms as quickly and economically as possible. d. give small businesses a competitive edge over larger businesses.
Which of the following is usually a durable good?
a. a unit of labor b. the interest rate c. a depletable resource d. a capital good