The Heckscher-Ohlin theorem says that a country is likely to have a comparative advantage in a labor intensive product if it has a large labor supply.
Answer the following statement true (T) or false (F)
True
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Benny, Denny, Jenny, Kenny, and Lenny are tap-dancing siblings who perform as the Tapiocas
Do to their individual dance styles, Benny and Denny each have a 50% chance of developing hammer toe, and Jenny, Kenny and Lenny each have a 20% chance of developing hammer toe. Each visit to the podiatrist costs $250. If each member of the Tapiocas were offered hammer toe insurance, how much would the premium be?
Deadweight loss refers to the reduction in economic surplus resulting from a market not being in competitive equilibrium
Indicate whether the statement is true or false
The demand for Dell laptops is more price elastic than the demand for laptops as whole. This is best explained by
a. There are fewer substitutes for Dell laptops than for laptops as whole b. There are more substitutes for Dell laptops than for laptops as whole c. Dell laptops are luxurious goods d. Dell laptops are a necessity
When economic profits are negative, accounting profits
A. must be positive. B. will be negative. C. will equal zero. D. could be positive, negative or zero.