Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. Considering both country's production possibilities frontiers, we can conclude that Country B will specialize in:
A. trucks, and be willing to accept no fewer than 3 cars for each truck.
B. cars, and be willing to give no more than 3 cars for each truck.
C. trucks, and be willing to accept no more than 3 cars for each truck.
D. cars, and be willing to give no fewer than 3 cars for each truck.
A. trucks, and be willing to accept no fewer than 3 cars for each truck.
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Scarcity is a problem faced by all but the wealthiest of citizens
a. True b. False Indicate whether the statement is true or false
According to the classical economists, which of the following statements is false?
A) There is a direct relationship between the amount individuals save and the interest rate. B) There is a direct relationship between the amount business firms invest and the interest rate. C) As the interest rate rises, the quantity supplied of loanable funds rises. D) Interest rate flexibility will ensure that saving is equal to investment.
Recall the Application about choosing a price for drones based on a linear demand curve to answer the following question(s).Recall the Application. Suppose a firm that produces drones has a linear demand curve for its product, with a vertical intercept of $1,500. If the firm initially charged a price of $500 and then raised its price to $750, the firm's total revenue would ________ and total cost would ________.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decease
The economic basis for trade is based on absolute advantage.
Answer the following statement true (T) or false (F)