International trade based on the concept of comparative advantage allows trading partners to be better off than if they did not trade
a. True
b. False
A
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We don't typically see wages ________ in response to an economic downturn because ________.
A. fall; they are "sticky" and are slow to respond to shifts in the economy B. fall; they cannot fall below where they were previously set due to inflation C. rise; they cannot rise above the equilibrium in any circumstance D. rise; they are "sticky," and are slow to respond to shifts in the economy
A rise in the price level produces a ________ the aggregate supply curve
A) rightward shift of B) movement downward along C) leftward shift of D) movement upward along E) rightward shift of the aggregate supply curve and a movement downward along
The Gauss-Markov theorem for multiple regression states that the OLS estimator
A) has the smallest variance possible for any linear estimator. B) is BLUE if the Gauss-Markov conditions for multiple regression hold. C) is identical to the maximum likelihood estimator. D) is the most commonly used estimator.
According to the graph shown, if the economy were operating in autarky and then moved to free trade, the overall impact on surplus would be a net:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. gain of FGIJKL.
B. loss of FGIJKL.
C. gain of FGJK.
D. loss of FGJK.