People who call for creating a "level playing field" believe that:
a. a country with relatively low wages is typically a country with an abundance of low-skilled labor.
b. trading on the basis of comparative advantage benefits both domestic and foreign firms.
c. creating a "level playing field" undermines the basis for specialization and economic efficiency.
d. production in accordance with comparative advantage is unfair.
e. free trade allocates the scarce resources in an efficient way.
d
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Which of the following consumer goods is responsible for creating jobs, increasing energy consumption, and altering people's lifestyle?
A. television B. prefabricated housing C. automobile D. electric appliances
A group of nations that grants member special trade privileges is
A) World Trade Organization. B) European Union. C) General Agreement on Tariffs and Trade. D) North American Free Trade Agreement.
Katie has decided that she would enjoy eating another cupcake. Which of the following statements is consistent with Katie's decision?
A. Katie's marginal utility has decreased but it is unclear what has happened to total utility. B. Katie's total utility has increased but it is unclear what has happened to her marginal utility. C. Katie's marginal utility has decreased with a corresponding decrease in total utility. D. Katie's marginal and total utility remain unchanged.
The market for agricultural products such as wheat or corn would best be described by which market model?
A. Monopolistic competition B. Pure competition C. Pure monopoly D. Oligopoly