When there is no comparative advantage between countries
A. the benefits resulting from trade are increased.
B. there are no gains from specialization and trade.
C. there must be an absolute advantage.
D. each should try and specialize in the production of a particular commodity.
B. there are no gains from specialization and trade.
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The one characteristic that is not associated with a pure public good is
a. consumption of the good by one person doesn't prevent its consumption by others b. the market produces less than the socially optimal quantity c. no one can be excluded from consuming the good d. the good can only be produced by the government e. that even if one consumes more of it, there is still the same amount for others to consume
The market structure of monopoly exists when
A) there are a small number of interdependent firms that constitute the entire market. B) there is a single producer of a product. C) there are many producers of differentiated products. D) there are many producers of a homogeneous product.
Refer to Figure 23.1 for a perfectly competitive firm. In the long run, this firm would stay in this market only if the market price was equal to or higher than
A. $15. B. $5. C. $10. D. $20.
The CPI was 138 in one year and 146 the following year. Approximately how much did prices rise between the two years?
a. 4.29 percent b. 5.5 percent c. 5.08 percent d. 5.8 percent