In a two-country, two-commodity model, the opening of trade will necessarily lead to complete specialization in the production of one good by one country and complete specialization in the production of the other good by the other country.
Answer the following statement true (T) or false (F)
False
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A nation's average annual real GDP growth rate is 6%. Based on the "rule of 72," the approximate number of years that it would take for this nation's real GDP to double is
A. 15 years. B. 12 years. C. 20 years. D. 17 years.
Which of the following is likely to lead to a right shift in the supply curve of cotton?
A) A rise in labor costs due to wage demands by labor unions B) A decrease in the price of cotton C) An increase in labor productivity due to training programs D) An increase in the price of cotton
The unemployment rate equals
A) (number of people without a job ÷ population)× 100. B) (number of people without a job ÷ working-age population) × 100. C) [(working-age population - number of people employed) ÷ labor force] × 100. D) (number of people unemployed ÷ labor force) × 100. E) (number of people unemployed ÷ population) × 100.
Discuss that factors that help explain the rapid productivity growth in the United States after 1995.
What will be an ideal response?