If a person has a comparative advantage in some activity, she must have an absolute advantage in that activity as well.
Answer the following statement true (T) or false (F)
False
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A collusive agreement between two duopolists is similar to the prisoners' dilemma because in both games
A) the best outcome is always achieved. B) each players strategy depends on what the other player does. C) the Nash equilibrium is not the best outcome for the players. D) All of the above answers are correct.
Refer to Figure 7-3. With a quota in place, what is the quantity consumed in the domestic market and what portion of this is supplied by imports?
A) Domestic consumption equals 28 million pounds of which 18 million pounds are imports. B) Domestic consumption equals 34 million pounds of which 18 million pounds are imports. C) Domestic consumption equals 40 million pounds of which 22 million pounds are imports. D) Domestic consumption equals 34 million pounds of which 16 million pounds are imports.
Monopolistic competition is an industry in which products are differentiated, but in oligopolies products are standardized.
Answer the following statement true (T) or false (F)
According to the 2009 hamburger standard, the country with the most undervalued currency relative to the United States dollar was
A. China. B. Norway. C. Australia. D. Japan.