What is the fundamental basis for trade among nations?
a. shortages or surpluses in nations that do not trade
b. misguided economic policies
c. absolute advantage
d. comparative advantage
d
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Where Y is GDP, C is consumption, I is investment, G is government purchases, and there is no international trade, national saving equals:
A. Y - C - G. B. Y + C + G. C. Y - C - I. D. C + I + G.
If soft drink brands are close substitutes for each other, this implies that the price elasticity for individual brands would be low.
Answer the following statement true (T) or false (F)
Evaluate the overall tax incidence of state and local taxes in contrast with federal taxes. In addition, what can be concluded about the overall tax system?
What will be an ideal response?
John Rawls' argument for maximizing the well-being of those who are least well off in society recognizes _____
a. that everyone is the same b. that the disincentives toward earning income inherent in redistribution c. that social welfare is maximized when income is equalized d. a and c