If nations trade on the basis of comparative advantage
A. a nation can gain only at the expense of trading partners.
B. exporting nations gain and importing nations lose.
C. importing nations gain and exporting nations lose.
D. all trading partners mutually gain.
D. all trading partners mutually gain.
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At that amount of output where diminishing marginal returns first sets in
A) total product will begin to decline. B) average product will begin to decline. C) marginal product will begin to decline. D) all of the above
Refer to Figure 17-6. Salespeople would be indifferent to the two pay schemes if their monthly sales were
A) less than 20 vacuum cleaners. B) between 20 and 30 vacuum cleaners. C) between 30 and 45 vacuum cleaners. D) more than 45 vacuum cleaners.
Brittany must write a political science term paper and prepare for an economics exam. The production possibilities curve between political science and economics preparation is a straight line. As time spent studying economics increases, the opportunity cost of studying for economics: a. increases
b. remains the same. c. decreases. d. first increases then decreases.
One of the virtues of rising resource prices is they encourage innovation, especially the discovery of other more abundant resources
a. True b. False Indicate whether the statement is true or false