The fact that international specialization and trade based on comparative advantage can increase world output is demonstrated by the reality that:
A. the production possibilities curves of any two nations are identical.
B. a nation' production possibilities and trading possibilities lines coincide.
C. a nation's trading possibilities line lies to the right of its production possibilities line.
D. a nation's production possibilities line lies to the right of its trading possibilities line.
C. a nation's trading possibilities line lies to the right of its production possibilities line.
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The larger the four-firm concentration ratio, the ________ competition within an industry; the larger the Herfindahl-Hirschman Index, the ________ competition within an industry
A) more; more B) more; less C) less; more D) less; less E) The premise of the question is wrong because the four-firm concentration ratio applies only to markets with four firms in it and these markets are, by definition, not competitive.
Explain the Heckscher-Ohlin theorem
What will be an ideal response?
Which of the following is not a problem from incurring debt?
a. everyone has less current income b. it promotes overconsumption c. it can cause inflation d. private investment may be reduced e. future consumption may be reduced
When market price is higher than equilibrium price, quantity demanded is ______ quantity supplied.
Fill in the blank(s) with the appropriate word(s).