A country will not trade unless
A. The terms of trade are superior to domestic opportunities.
B. Its balance of trade is in a surplus position.
C. The production possibilities increase.
D. It has an absolute advantage.
Answer: A
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Ajax has just discovered that the marginal revenue product generated by the last worker hired was $125 while the marginal factor cost was $85. What should Ajax do?
A) Leave the level of production unchanged. B) Increase the amount produced. C) Reduce the amount produced. D) Collect more information before making a decision.
The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as:
a. market surplus b. market shortage c. buyer surplus d. seller surplus.
W.L. Gore is structured an a U-form of organization
Indicate whether the statement is true or false
Refer to the scenario above. The demand for Sporty's soccer balls is 2,500 units if ________
A) the price charged by Sporty is higher than the price charged by Go! B) the price charged by Go! is higher than the price charged by Sporty C) the price charged by Sporty is equal to the price charged by Go! D) the price charged by Go! is higher than the unit cost of producing a ball