If the United States can produce both wine and chocolate at a lower resource cost than France,
a. both countries can still benefit from specialization and international trade
b. only the United States can benefit from specialization and international trade
c. only France can benefit from specialization and international trade
d. neither country can benefit from specialization and international trade
e. there will be unknown effects of specialization and international trade
A
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The natural unemployment rate is 4 percent and the actual unemployment rate is 7 percent. According to Okun's Law, how does of real GDP compare to potential GDP?
What will be an ideal response?
The novelty of Phillips' article was his finding of a ____ correlation between ____ and ____
a. positive; unemployment; the interest rate b. negative; inflation; the exchange rate c. negative; unemployment; inflation d. positive; the rate of growth of the money supply; inflation
How do modern markets differ from other economic systems in their capacity to produce “growth miracles”?
What will be an ideal response?
Which of the following is not an artificial barrier to entry?
A. a patent B. government franchise C. large economies of scale D. government licensing