The concepts of comparative advantage, specialization, and trade form a compelling argument in favor of:
A. free trade.
B. protectionism.
C. self-sufficiency.
D. only exporting goods and not importing goods.
A. free trade.
You might also like to view...
A society's organized way of providing for its people's needs and wants
a. command economy b. inflation c. capitalism d. economic system
Following is a firm's expansion path. The price of capital is $5 per unit; the price of labor is $2 per unit. 
When output is 20 units, what is long-run average cost?
A. $3.50 B. $2 C. $4.50 D. $4 E. none of the above
Based on the graph showing how the subprime share of home mortgages grew rapidly before the big decline, we can see that as adjustable mortgage rates ______, the share of subprime mortgages ______.
a. decreased; decreased
b. decreased; increased
c. decreased; remained unchanged
d. decreased; reached zero
Refer to Figure 10.3. If full-employment GDP is $500 billion and the economy is on AD0,
A. An inflationary gap exists, and AD must decrease by less than $100 billion to eliminate it. B. A recessionary gap exists, and AD must increase by more than $100 billion to eliminate it. C. An inflationary gap exists, and AD must decrease by more than $100 billion to eliminate it. D. An inflationary gap exists, and AD must increase by $100 billion to eliminate it.