Trade results from:
A. comparative advantage.
B. absolute advantage.
C. self-sufficiency.
D. diminishing returns.
Answer: A
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Which of the following statements is true?
A) Optimization in levels is often slower to implement than optimization in differences, as it considers only the aspects in which alternatives differ. B) Optimization in differences is often faster than optimization in levels, as it considers all aspects of the feasible alternatives. C) Optimization in levels is based on ordinal analysis. D) Optimization in differences is based on marginal analysis.
. If firms perceive that the economy is slowing down or entering a recession, then they will wish to hire a _____ quantity of labor at any given wage, and the labor demand curve will shift to the _____.
a. greater; left b. greater; right c. lower; left d. lower; right
Free trade with other countries allows poor nations the opportunity to exploit their comparative advantage in agricultural goods.
Answer the following statement true (T) or false (F)
According to the quantity theory of money, if both the growth rate of the money supply and the velocity of money are fixed, then a higher inflation rate means
What will be an ideal response?