The case for free trade is based on the
A. theory of absolute advantage.
B. theory of comparative advantage.
C. theory of balanced growth.
D. argument for a diversified economy.
Answer: B
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A positive markup is earned by a firm if its
A) price exceeds its marginal cost. B) marginal revenue equals marginal cost. C) price equals marginal cost. D) price equals average total cost.
In the United States, the average level of educational attainment is approximately a
A. primary education. B. secondary education. C. higher education. D. graduate-level education.
Investment in a broad portfolio of stocks is most attractive for
a. short-term investors. b. long-term investors. c. investors seeking a steady rate of return. d. investors who will need the funds for other purposes in about 10 years.
Goods produced abroad and sold domestically are called exports and goods produced domestically and sold abroad are called imports
a. True b. False Indicate whether the statement is true or false