Refer to the table above. You are told that Country B has no minimum wage or child labor laws. Now the correct answer is
A) country B will export good S.
B) country A will export good S.
C) both countries will export good S.
D) trade will not occur between these two countries.
E) both countries will import good S.
A
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If 1 U.S. dollar exchanges for 0.9 Canadian dollars, how much would it cost in U.S. dollars and cents to purchase a Canadian hockey jersey priced at 45 Canadian dollars?
What will be an ideal response?
Suppose Bobby just watched a documentary about the massive decline in house prices during the Great Recession. According to the availability heuristic, this is likely to make Bobby:
A. believe that house prices will be more stable in the future. B. believe that he is wealthier than other people. C. worry that the price of his own house might fall. D. think the movie is biased towards the status quo.
Of what use is national income accounting to economists and to policy makers?
What will be an ideal response?
Production efficiency under a natural monopoly is achieved
A. Where marginal cost equals demand. B. Where marginal cost is minimized. C. At capacity production where ATC is at a minimum. D. Where marginal revenue equals marginal cost.