What are the determinants of a country's comparative advantage?
What will be an ideal response?
The determinants of a country's comparative advantage are:
a) Natural resources
b) Stocks of man-made resources
c) Technology
d) Education, work habits, and experience of the labor force
e) Relative abundance of labor and capital
f) Climate
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Refer to the figure below. Assume demand remains unchanged at D1. If supply shifts from S2 to S1, then the equilibrium price will ________ and the equilibrium quantity will ________. 
A. rise; rise B. rise; fall C. fall; fall D. fall; rise
For state residents, interest on most bonds issued by their state government is
A) exempt from state and federal income taxes. B) exempt from state, but not from federal, income taxes. C) exempt from federal, but not from state, income taxes. D) subject to both state and federal income taxes.
The homoskedastic normal regression assumptions are all of the following with the exception of:
A) the errors are homoskedastic. B) the errors are normally distributed. C) there are no outliers. D) there are at least 10 observations.
Which of the following explains how a cartel with 100 percent control might raise price to monopoly-like levels?
a. By setting a group output level equal to a profit-maximizing monopolist, and then assigning binding quota shares to cartel members. b. By setting an official price that members can secretly undercut. c. By forbidding price competition, but allowing non-cooperative rivalry in output levels. d. None of the above.