Technology or production processes developed in a particular country:
A. will give that country a permanent comparative advantage.
B. may set that country back until they earn back the research and development costs.
C. may give that country a temporary comparative advantage.
D. generally are not transferrable to other nations.
Answer: C
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The law of supply reflects the negative relationship between the price of a good or service and the quantity of that good or service that sellers are willing to offer for sale
Indicate whether the statement is true or false
"Economics is the study of how people eliminate scarcity." Do you agree or disagree? Why?
What will be an ideal response?
Which of the following goods is likely to have the most elastic demand over the relevant range of prices?
a. insulin b. eggs c. milk d. Pepsi Cola e. gasoline
Why might a country seek to protect an industry, even when the benefits are greatly outweighed by the cost?
What will be an ideal response?