Refer to Table 18.1. Panama has a comparative advantage in
A) gloves. B) hats.
C) both hats and gloves. D) neither hats nor gloves.
A
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The main reason Sears Roebuck became the largest retailer in the United States during the late nineteenth century was that:
a. it reduced a host of transaction costs which allowed higher profits to shareholders and lower prices to customers. b. the railroad network improved substantially and charged higher rates for transporting goods. c. the lack of competition lowered the cost of advertising and increased profits for shareholders. d. his organization only interacted with the best wholesalers, distributors, and shippers in the business.
The term real GDP refers to a country's actual GDP as opposed to its estimated GDP
a. True b. False Indicate whether the statement is true or false
Which of the following shows the effect of a union on wages?
a. Angelina’s salary and sales commission totaled about the same as her husband’s union manufacturing pay. b. A training specialist, Ruby, found no difference in pay whether she worked in a union or nonunion position. c. Hector’s nonunion assembly line job paid $5.00 less per hour than when he did the same work in a union shop. d. A security worker, Kalen, was looking for a job in the nonunion sector where he could get more pay.
The contention that tariffs should be imposed to protect from import competition an industry that is trying to get started is
A. the infant industry argument. B. a voluntary restraint agreement. C. dumping. D. a basic argument for free trade.