A network externality acts as a barrier to entry.
Answer the following statement true (T) or false (F)
True
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The law of comparative advantage does not apply to
a. entire nations b. natural resources like air and sunshine c. individuals d. firms e. regions of a country
Farmers can produce wheat and/or rice. What will happen in the wheat market if there is an increase in demand for rice?
a. Wheat supply will increase. b. Wheat supply will decrease. c. Wheat demand will increase. d. Wheat demand will decrease. e. Wheat supply and demand will increase.
Over the past 50 years, the exports of developing countries have shifted toward ___________
A) agricultural products. B) retail/wholesale. C) financial services. D) mineral products. E) manufactured products.
An efficiency wage is:
A. a below-market wage. B. an above-market wage. C. a "wage" that contains a profit-sharing component. D. a wage that is free to rise or fall from day to day, depending on labor supply and demand.