All players have dominant strategies
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Table 18.1. Russia has a comparative advantage in
A) gloves. B) hats. C) both hats and gloves. D) neither hats nor gloves.
By specialization and trade, two individuals can
A) consume at a point beyond their individual production possibilities frontiers. B) increase their comparative advantage. C) increase their absolute advantage. D) shift their individual production possibilities frontiers outward.
During the 1970s, U.S. prices generally rose faster than prices in other parts of the world. Which of the following changes would the open economy effect predict took place in response to these price level changes? a. Americans reduced the proportion of foreign goods bought since their foreign prices became relatively lower. b. Americans reduced the amount of investment they undertook because
interest rates increased. c. Americans reduced the amount of goods and services they wanted to purchase for consumption because they felt less wealthy. d. Americans reduced the fraction of purchases they made from domestic producers of goods and services, since foreign prices became relatively lower.
When the government controls the price of a product, causing the market price to be above the free market equilibrium price,
A. some, but not all, sellers can find buyers for their goods. B. only consumers gain. C. both producers and consumers gain. D. all producers gain.