Which of the following is NOT necessarily true in a market equilibrium?
A. Price represents the cost of an extra unit of production.
B. Both rich and poor have adequate access to the good.
C. Price represents the value of an extra unit of consumption.
D. All mutually beneficial trades have been made.
Answer: B
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Though the countries can benefit by completely specializing in the production of the good in which they have comparative advantage, in real world however, they do not completely specialize
a. True b. False Indicate whether the statement is true or false
What condition(s) must exist to make trade among nations mutually beneficial?
a. Nations must have the same opportunity costs of production. b. Nations must not impose tariffs or quotas. c. Nations must be equally efficient at producing a traded good. d. Nations must have an absolute advantage in the production of a good. e. Nations must have a comparative advantage in the production of a good.
Answer the following statement(s) true (T) or false (F)
1. Recently, the EPA announced a set of 6 principles to facilitate the reauthorization and strengthening of TSCA. 2. The Green Chemistry Program calls for a commitment by all participants in the product cycle to reduce environmental effects of products. 3. According to the textbook application, the Responsible Care Program was launched in the U.K. 4. Risk perception of chemical exposure does not always align with actual risk.
The stock market crashed in the year __________.
Fill in the blank(s) with the appropriate word(s).