With respect to international trade, specialization means that

A. each country consumes what it produces.
B. labor is exported or imported in much the same way as other products.
C. most goods and services that are traded internationally are produced in only 1 or 2 nations.
D. labor and other resources in a nation are used to produce the products and services for which they are best suited.


D. labor and other resources in a nation are used to produce the products and services for which they are best suited.

Economics

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What will be an ideal response?

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For a linear demand function, slope and the price elasticity of demand are equal

Indicate whether the statement is true or false

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A way in which government can attempt to solve the problems caused by information asymmetry in the marketplace is:

A. statistical discrimination. B. signaling. C. mandating that information be shared. D. All of these are ways the government deals with information asymmetry.

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If the demand curve increases while the supply curve remains unchanged, the equilibrium price would decrease

a. True b. False Indicate whether the statement is true or false

Economics