The way in which a country benefits from trade is that it can
a. obtain goods at lower opportunity cost than producing them itself.
b. exploit economies of scale in production and lower the cost of goods it produces.
c. obtain a wider range of goods than it can produce for itself.
d. All of the above are benefits.
d
You might also like to view...
Which of the following accurately describes growth rates in the United States from 1900 to the present?
A) Growth rates have risen continuously from 1900 to the present. B) Growth rates rose until the 1970s, slowed until the 1990s, rose again until 2005, and then slowed again to the present. C) Growth rates rose until the 1970s and then fell until the present. D) Growth rates have fallen continuously from 1900 to the present.
Figure 7-7
In Figure 7-7 at 100 units, AVC equals
A. 8. B. 800. C. 100. D. 1,000.
Assume that the government can reduce car pollution using either a corrective tax or a regulatory scheme, both of which will achieve the same results in the short-run
In the long run, however, the regulatory scheme will be more efficient because it provides incentives to avoid the regulation altogether. a. True b. False
An increase in the amount of currency held by the public will raise the value of the deposit expansion multiplier
a. True b. False Indicate whether the statement is true or false