Which of the following is most likely to be an untraded good in a Ricardian two-country, multi-good model?
A) steel
B) textiles
C) haircuts
D) petroleum
E) telemarketer services
C
You might also like to view...
The primary goal of a business firm is to
A) promote fairness. B) make a quality product. C) promote workforce job satisfaction. D) maximize profit. E) increase its production.
What are the two distinguishing characteristics of a public good?
a. nonrivalry in consumption and nonexcludability b. indivisibility in production and excludability of nonpaying customers c. provision by government and funding through taxation d. mass production and comparative advantage
Norma complains that she is not receiving the full benefit of her six percent raise, because inflation is two percent. You tell her that nominal incomes tend to rise with inflation, therefore
a. she really is worse off. b. her real income increased eight percent. c. menu costs have reduced her purchasing power. d. she is committing the inflation fallacy.
Which statement is true?
A. Rent and wages, but not interest, are determined by supply and demand. B. Wages and interest, but not rent, are determined by supply and demand. C. Rent and interest, but not wages, are determined by supply and demand. D. Rent, interest, and wages are determined by supply and demand.