Daily Output of Russia and Panama?RussiaPanamaGloves 40240Hats120180
Refer to Table 18.1. After trade begins, ________ will specialize in the production of hats and ________ will specialize in the production of gloves.
A. Russia; Panama
B. Panama; Russia
C. Panama; Panama
D. Russia; Russia
Answer: A
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If Canada goes from a large budget deficit to a small budget deficit, it will
a. increase private saving and so shift the supply of loanable funds right. b. increase investment and so shift the demand for loanable funds right. c. increase public saving and so shift the supply of loanable funds right. d. reduce national saving and shift the supply left.
The price elasticity of demand for color printers is 1.6 and you would like to see the quantity demanded for color printers to increase by 32%. Then the percentage change in price should be:
A. 10%. B. 15%. C. 20%. D. 25%.
Firm's under conditions of perfect competition will
A) Will face a few other competitors in the market. B) Will face barriers to entry. C) Have no disproportionate influence on price. D) None of the above.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.