If the United States can produce cotton more efficiently than India, then why is cotton cloth imported to the United States from India?
a. India has a harder-working labor force and better farming equipment.
b. Trade is based on comparative advantage, not absolute advantage.
c. Cotton production and trade are regulated by long-standing treaties.
d. Indian suppliers have an absolute advantage over U.S. suppliers.
b. Trade is based on comparative advantage, not absolute advantage.
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If the college athletic department raises the price of football tickets from $6 to $8 and sells more tickets at $8 than it had sold the year before at $6, we could reasonably conclude the demand for football tickets
A) was completely inelastic. B) had increased. C) was elastic. D) was inelastic. E) was unit elastic.
The purpose of a strike is
A) to obtain higher wages for union members only. B) to solve jurisdictional disputes. C) to obtain a closed shop. D) to force management to accept the union's proposed contract terms.
In 2015, ZVX motors sold 17,241 units of their latest superbike, the ZVX-1200 . Each ZVX-1200 costs $9,763 to the company, and is sold at a price of $17,255 per unit. The total profit earned by ZVX motors in 2015 is:
a. $297,493,455. b. $129,789,523. c. $132,310,819. d. $129,769,572.
How much is induced consumption when disposable income is $2 trillion?
