The most heavily traded category of goods in the world is:
a. office and telecom equipment.
b. chemicals.
c. iron and steel.
d. textiles.
e. crude petroleum.
e
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Refer to Table 2-1. Dina faces ________ opportunity costs in the production of sliders and hot wings
A) decreasing B) increasing C) constant D) negative
When investment is autonomous, it is independent of the level of national income
Indicate whether the statement is true or false
The Chamberlin model has been criticized for all but which one of the following reasons?
A. The model adds little to the perfect competition conclusions. B. The concept of an industry group is ambiguous in the model. C. The model predicts no long-run profits but does not account for entry and exit in markets. D. Consumers are not as willing to switch from one product another for slight price changes.
Which of the following would be classified as an external cost?
A. When you purchase a prescription drug, you are not made fully aware of all the possible side effects that may result from taking the drug. B. You are not able to study at night because there is so much noise coming from the dorm room next to yours. C. A private firm will not provide national defense, as it is impossible to confine the benefits to only those individuals who have paid for it. D. As more firms began hiring computer programmers, the salaries of computer programmers increased, and therefore the firm's cost of production increased.