Which of the following statements is NOT correct?
a) Trade allows for specialization
b) Trade has the potential to benefit all nations
c) Trade allows nations to consume outside of their production possibilities curves.
d) Absolute advantage is the driving force of specialization.
Answer: d) Absolute advantage is the driving force of specialization.
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Michael Jordan has more athletic ability than most individuals. Thus, he is more productive at most tasks involving physical skill. Explain why then, it is more efficient for Michael Jordan to pay someone else to mow his lawn
What will be an ideal response?
Why do economists care about aggregate expenditures?
What will be an ideal response?
The set of collectively held beliefs, values, and norms among the members of a firm that influence individual behavior is referred to as
A) network values. B) horizontal values. C) implicit contracts. D) corporate culture.
The sum of the current account, the capital account, and the official reserve transaction account is
A) always positive. B) always negative. C) positive when exports are greater than imports. D) zero.