The classical theory predicts that
A) countries will completely specialize in the production of export goods.
B) considerable trade will occur between countries with different levels of technology.
C) small countries could obtain all of the gains from trade when trading with large countries.
D) All of the above.
D
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According to your textbook, it is best to view "the market" as
A) a person. B) a place. C) a thing. D) a process of plan coordination among buyers and sellers. E) a highly complicated series of exchanges, which can only be coordinated by the efforts of economists and other experts in government.
The vicious cycle of poverty refers to the fact that LDCs are poor because other countries do not want to buy their goods and services
Indicate whether the statement is true or false
Price elasticity of supply is defined as:
a. the slope of the supply curve. b. the slope of the supply curve divided by the price. c. the percentage change in price divided by the percentage change in quantity supplied. d. the percentage change in quantity supplied divided by the percentage change in price.
Critics of government frequently assert that special interest groups favor transfer policies rather than economic growth policies
Indicate whether the statement is true or false