Refer to the scenario above. If they are the only bidders in the auction, Tom will no longer bid when bidding reaches ________
A) $200
B) $210
C) $350
D) $500
D
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Nontariff measures are generally much more difficult to eliminate than tariffs and quotas because they are embedded more deeply in national economic policies
Indicate whether the statement is true or false
One obstacle to the adoption of the export promotion model by countries in other regions is that
A) the Uruguay Round of the GATT forbids many types of export promotion policies. B) the Washington Consensus opposes the spread of this model. C) research and development for new exports is too expensive. D) only noncommercial R&D is permitted under the rules of the GATT. E) industrial monopolies in the high-income countries will block further exports by developing countries.
The marginal product of labor (MPL) can be calculated from the following ________
A) the labor share of income and the average output per unit of labor B) the labor share of income and average labor per worker C) output and labor D) the labor share of income and output E) none of the above
John can clean the house in three hours and do the laundry in four. Jane can clean the house in two hours or do the laundry in two. Can they benefit by specialization and trade?
A. Neither can benefit because John has nothing to offer. B. Both can benefit because John has a comparative advantage in cleaning. C. Both can benefit because John has a comparative advantage in laundry. D. John could benefit from an exchange, but Jane cannot because she is better at both.