When both exports and imports are considered, the major advantage of international trade is that it allows us to:
a. sample foreign products that many of us would otherwise never see.
b. consume a larger, more diverse quantity of goods and services at lower prices than would otherwise prevail.
c. share our technology and efficiency with less-developed countries that would otherwise never have the opportunity to observe modern goods and services.
d. maintain jobs for workers who would otherwise have little to do.
b
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Explain whether the statement, "There is life on Mars," is a normative or positive statement
What will be an ideal response?
Total variable cost is the sum of all
A) costs of the firm's fixed factors of production. B) costs associated with the production of goods. C) costs that rise as output increases. D) implicit costs.
Changes in the price of a good lead to:
A. no effects in quantity supplied or demanded. B. changes in demand. C. changes in supply. D. changes in the quantity supplied of the good.
Assuming a market rate of interest equal to 7 percent, what is the present value of $200 to be received one year from today?
A) $123 B) $156 C) $187 D) $210