Global markets consist of buyers and sellers
A. only within their community.
B. within a state.
C. anywhere in the world.
D. within a nation.
Answer: C
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The Federal Open Market Committee (FOMC) controls the U.S. money supply by buying and selling loans in the public loan market
a. True b. False
What kind of progress was made by developing countries to break into world markets for their exports of manufactures?
What will be an ideal response?
The demand curve of a monopolistically competitive firm
A) is horizontal because the firm must cut its price to sell more. B) is perfectly elastic. C) is downward-sloping because it sells an identical product. D) is downward-sloping because it must cut its price to sell more.
Mutually beneficial trade will occur whenever the terms of trade between the trading partners is set at a level where:
a. each country can export a good at a price above the opportunity cost of producing the good in the domestic market. b. each country can import a good at a price above the opportunity cost of producing the good in the domestic market. c. the exchange ratio is exactly equal to the opportunity cost of producing the good in each country. d. each country will specialize in the production of those goods in which it has an absolute advantage. e. either b. or d. is true.