When nations trade the result would most likely be:
A. increase in total production, which can benefit every nation involved.
B. decrease in total production across nations but increases it for some.
C. decrease in total production across all nations but benefits every nation because they are individually more productive.
D. increase in total production, which would benefit only the wealthier nation.
Answer: A
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Exhibit 21-5 International currency markets
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Exhibit 21-5 displays the international currency market for yen in terms of dollars and dollars in terms of yen. The demand curve in graph 15-5(A) is determined by:
A. U.S. citizens attempting to purchase Japanese-made goods. B. Japanese attempting to purchase U.S.-made goods. C. U.S. businesses attempting to sell to the Japanese. D. Japanese businesses attempting to sell to the U.S.
The market labor-supply curve is:
A. downward sloping. B. perfectly inelastic. C. perfectly elastic. D. upward sloping.
The relationship between the wage and the quantity of labor that a given worker is willing to provide is called:
A. individual labor demand. B. market labor demand. C. individual labor supply. D. market labor supply.
The Argentinian crisis of 2001 was characterized by:
A. international investors losing confidence and shifting the demand for loanable funds to the right. B. government debt becoming more expensive, shifting savings to the left. C. increasing interest rates. D. All of these statements are true.