Which of the following statements best describes the comparative advantage of the corresponding country regarding the iPhone?
a. The United States has a comparative advantage in designing and marketing products.
b. China has a comparative advantage in designing and marketing products.
c. Korea has a comparative advantage in producing components.
d. China has a comparative advantage in producing components.
a. The United States has a comparative advantage in designing and marketing products.
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The term "depository institution" refers to
A) savings and loan associations only. B) commercial banks, credit unions, and savings and loan associations. C) credit unions only. D) commercial banks only.
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. For all cars offered for sale to be sold, the percent of all cars that are lemons is ?
What happens to ? if car buyers incur a $100 transaction cost when buying a used car?
Cyrus McCormick and Eli Whitney were important in the technology of
A. steel. B. automobiles. C. agriculture. D. oil.
Average total cost is important to a business because
A. It always declines as more output is produced. B. It tells the firm what the profit per unit produced is. C. It is an indicator of the production function. D. It tells the firm what its fixed costs are.