The quantities of Good M are plotted on the vertical axis while the quantities of Good N are plotted on the horizontal axis. The prices of both M and N fall. The intercepts of the budget line would
A. rise on the vertical axis but stay unchanged along the horizontal axis.
B. rise on the horizontal axis but stay unchanged on the vertical axis.
C. decline along both axes.
D. rise on the vertical axis and also rise on the horizontal axis.
Answer: D
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If one country has an absolute advantage in every commodity, there is no reason for it to trade
a. True b. False Indicate whether the statement is true or false
In The Wealth of Nations, published in 1776, Adam Smith tried to show that
What will be an ideal response?