Absolute advantage occurs when one nation can produce a good ____ its trading partners.
A. in larger quantities than
B. faster than
C. that is desired by
D. more efficiently than
Answer: D
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The income effect of a price change results in a
A) movement along the demand curve due to a change in relative prices. B) shift of the demand curve when income changes. C) shift of the demand curve due to a change in purchasing power brought about by the price change. D) movement along the demand curve due to a change in purchasing power brought about by the price change.
Increasing the amount of consumption spending and reducing the amount of savings ________ investment expenditures, and ________ long-run economic growth in the economy
A) decreases; increases B) increases; decreases C) increases; increases D) decreases; decreases
One reason why consumers are unlikely to be too upset about tariffs is because
A) most consumers benefit from protection. B) tariffs are an inexpensive way to create jobs. C) consumer losses are not real losses. D) the costs are so spread out that no one pays a big share of the total. E) the gains of producers are larger.
A monopolist's cost curves may shift down because
a. large-scale input purchases may permit the monopolist to take quantity discounts. b. of advertising expenditure. c. competitors are pushed out of the market. d. of bureaucratic inefficiencies.