The basis of the benefits of specialization is
a. comparative advantage
b. absolute advantage
c. size of country
d. identical production costs between two countries
e. self-sufficiency
A
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Who are minimum wages designed to help? Do they succeed? What is their effect on society?
What will be an ideal response?
If the government sector is running a deficit of $120 million and the private sector is running a surplus of $200 million, then net exports equal
A) $80 million surplus. B) $320 million surplus. C) $80 million deficit. D) $320 million deficit.
The reason an unregulated natural monopolist will produce at an economically inefficient quantity is
A) due to the fact that the monopolist will equate marginal cost with price to determine the output level. B) due to the fact that the monopolist will equate average total cost with price to determine the output level. C) that the price does not equal the true marginal cost of producing the good. D) that the monopolist will produce a quantity greater than the minimum of the average total cost curve.
In the above table, the merchandise trade balance for Country X is ________ billion dollars
A) +100 B) -150 C) +150 D) -100