Assume, for Mexico, that the domestic price of oranges without international trade is lower than the world price of oranges. This suggests that, in the production of oranges,
a. Mexico has a comparative advantage over other countries and Mexico will export oranges.
b. Mexico has a comparative advantage over other countries and Mexico will import oranges.
c. other countries have a comparative advantage over Mexico and Mexico will export oranges.
d. other countries have a comparative advantage over Mexico and Mexico will import oranges.
a
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Approximately 60 percent of the funds flowing to nonfinancial businesses come from ________
A) hedge funds B) financial intermediaries C) organized exchanges, like the New York Stock Exchange D) insurance companies
Knowing that Coke controls 80 percent of the cola market and Pepsi controls 20 percent, we can conclude the cola market is:
A. perfectly competitive. B. monopolistically competitive. C. an oligopoly. D. a monopoly
"The firm hires the factor up to the point where the value of the factor's marginal product is equal to the factor's price." This statement applies to which factor of production?
a. labor only b. land only c. capital only d. land, labor, and capital
If the percentage change in price is 10 and the percentage change in quantity supplied is 10, supply is:
A. unaffected by price changes. B. inelastic. C. unit elastic. D. elastic.