The first discussion of comparative advantage appears in a book written by
A) Paul Samuelson. B) David Ricardo. C) David Portugal. D) Adam Smith.
B
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What type of profit can a firm in monopolistic competition make in the long run? Explain your answer
What will be an ideal response?
Between 1870 and 2010, among the United States, Germany, Japan, and Australia, ________ grew at the fastest rate and ________ grew at the slowest rate
A) United States; Germany B) Germany; United States C) Australia; Japan D) Japan; Australia
Which of the following statements best describes the figure shown?
A. Potential output is constrained by globalization. B. The economy is operating below potential because of globalization. C. Domestic aggregate supply is less than domestic aggregate demand. D. The world price level equals the domestic price level.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.