Small, developing countries must first become self-sufficient before they can benefit from international trade
a. True
b. False
Indicate whether the statement is true or false
False
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The specific factors model assumes that there are ________ goods and ________ factor(s) of production
A) two; three B) two; two C) two; one D) three; two E) four; three
A difference between the classical and new classical models is that
a. classical economists assumed that labor suppliers knew the real wage, while the new classical economists assume they form a rational expectation of the real wage. b. classical economists assumed that the money wage was flexible while the new classical economists assume it was fixed. c. new classical models do not assume perfect competition. d. labor supply in the classical model is a function of the real wage while labor supply depends on the money wage in the new classical model. e. both a and c.
Need establishes eligiblility for Social Security benefits
Indicate whether the statement is true or false
If a Proposer and a Responder are asked to split $100 in the ultimatum bargaining game, standard economic theory would predict that the Responder should:
A. reject any amount over $50. B. accept any amount offered by the Proposer. C. only accept an offer for exactly $50. D. reject any amount less than $50.