The property of transitivity explains why indifference curves
A. cannot cross.
B. bow-outward.
C. are concave.
D. slope upward.
Answer: A
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Trade restrictions can take any of the following forms except one. Which is the exception?
a. tariffs b. free trade agreements c. quotas d. voluntary trade restrictions e. health and safety restrictions
Phrases such as "unbreakable bottle," "non-shrink," "extra spicy," and "nonstick surface" are generally used in advertisements for products sold in perfectly competitive markets
a. True b. False Indicate whether the statement is true or false
Higher saving is associated with
a. a larger capital stock and a higher standard of living. b. a larger capital stock but not a higher standard of living. c. a higher standard of living but not a larger capital stock. d. neither a higher standard of living nor a higher capital stock.
In the absence of trade between the two countries, the price of rice in China in terms of radios would be
A. 1/2.
B. 2.
C. 150.
D. 300.