Poor nations typically have a competitive advantage in agricultural goods because of
A. High productivity.
B. Low labor costs.
C. Entrepreneurial incentives.
D. Plenty of land.
Answer: B
You might also like to view...
The risk of a borrower defaulting on a loan is known as:
A. credit risk. B. default risk. C. loan risk. D. asset risk.
Which of the following best explains why increasing marginal costs of production arise?
A. Different commodities use inputs in different proportions. B. All the factor inputs are not fully utilized in the production of different commodities. C. Different consumers have different tastes and preference sets. D. The factor endowments vary across countries.
A group of firms that has entered into a collusive agreement to restrict output and increase prices and profits is called
A) a compliance. B) a cartel. C) an oligopoly. D) a duopoly.
More bidders would tend to increase the selling price at an oral auction if
a. bidders bid less aggressively b. the true value of the winner is higher c. the true values of the losers is higher d. Both A&C