Comparative advantage explains how two nations can benefit from trade.
Answer the following statement true (T) or false (F)
True
You might also like to view...
If Crunchy Fries agrees to sell its frozen potato fries to a large grocery chain on the contractual condition that the grocery chain does not sell any of Crunchy Fries' competitors' frozen potato fries, this is an example of ________.
A) a tying arrangement B) a horizontal contract C) a requirements contract D) an exclusive dealing contract
Unlike implicit costs, explicit costs
a. reflect opportunity costs b. include the value of the owner's time c. are not included in the accounting statement of the firm d. are actual cash payments e. do not change with the output rate of the firm
The U.S. government need never default on its debt because
A. it can easily nationalize banks, who own all the debt, and then owe it to itself. B. it can raise the funds it needs to repay by taxation, and it can print money to repay. C. it owes the debt to itself, and it can always ignore a demand for repayment. D. it can simply reduce spending enough to generate funds to repay its debt.
The decrease in the price of gasoline to a national average of less than $2.5 during the summer of 2020 was most likely a result of
A. an increase in supply resulting from higher refinery output along with a decrease in demand in summer driving. B. an increase in demand due to increase in summer driving along with a decrease in supply resulting from reduced refinery output. C. an increase in demand due to reduced summer driving. D. an increase in supply resulting from higher refinery output.