Which group of countries benefits most from trade?
a. low-income countries
b. low- and medium-income countries
c. high-income countries
d. medium- and high-income countries
a. low-income countries
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How does the concept of utility of wealth capture the idea that pain of loss exceeds the pleasure of gain?
What will be an ideal response?
The short-run aggregate supply curve is horizontal when
A) prices are inflexible and the economy is at full employment. B) there are unemployed resources and prices do not increase when aggregate demand increases. C) there are unemployed resources and prices do not decrease when aggregate supply increases. D) there are no unemployed resources and prices do not increase when aggregate demand or supply increases.
Determinants of the price elasticity of supply are:
A. adjustment time, whether the good is a luxury or a necessity. B. availability of inputs, adjustment time. C. flexibility of the production process, whether the good is a luxury or a necessity. D. availability of inputs, whether the good is a luxury or a necessity. AACSB: Reflective Thinking
When average total cost rises if a producer either increases or decreases production, then the firm is said to be operating at efficient scale
a. True b. False Indicate whether the statement is true or false