What are some of the main advantages and disadvantages of the extensive financial and commercial networks linking nations today?
What will be an ideal response?
Some of the advantages are that buyers receive lower prices, more choice, and more access to innovative technology. The major disadvantage is that a crisis is more likely to spread from one part of the world to another.
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If the firm in Figure 17-4 above maintains its set price of P0, rather than dropping price to P1, the loss of consumer surplus due to this decision is
A) J + K. B) K - G. C) G + H. D) H + K.
The type of economic indicator that can best be used for business forecasting is the:
a. leading indicator b. coincident indicator c. lagging indicator d. current business inventory indicator e. optimism/pessimism indicator
When it is cheaper for one firm to produce a particular product, ____ exist(s)
a. economies of scale b. economies of scope c. diminishing marginal returns d. cross-subsidization
Price controls may be thought of as
A) a restraint on the rationing function of prices. B) useful tools that promote production. C) necessary in market economies. D) the freeing-up of free market forces.