International trade does all the following except
a. allow a country to specialize in producing certain goods and services
b. reduce world output
c. allow a country to move to a higher consumption possibilities frontier
d. allow a country's consumption possibilities frontier to lie outside its production possibilities frontier
e. increase world output
B
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Refer to Table 8-4. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals
A) $2,200. B) $2,100. C) $1,600. D) $1,400.
if the per capita income of a country is growing at 3.5 percent per year, approximately how long will it take for that income to double?
What will be an ideal response?
The demand for a specific brand of corn flakes cereal is likely to be:
A. less price elastic, because the specific brand is a unique product. B. very price elastic, because there are many close substitutes available. C. very price elastic, because that specific brand is a unique product. D. less price elastic, because there are many close substitutes available.
Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through the Gulf coast states in August 2005. As a result of this, many gasoline distributors were not able to maintain normal deliveries
At the pre-hurricane equilibrium price (i.e., at the initial equilibrium price), we would expect to see A) a shortage of gasoline. B) an increase in the demand for gasoline. C) a surplus of gasoline. D) the quantity demanded equal to the quantity supplied.