A country has a (an) __________ in the production of a good it produces at lower opportunity cost than another country
A) absolute advantage
B) specialization disadvantage
C) tariff-efficient advantage
D) infant-industry advantage
E) none of the above
E
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The effect of a government subsidy in a market where a positive externality is present is:
A. to increase surplus. B. to increase efficiency. C. to make consumers internalize the external benefit. D. All of these statements are true.
A price index number
a. is really a percentage. b. indicates the extent of change in prices over some period of time. c. is always greater than 100 if prices have risen during the period in question. d. All of these.
If a price decrease leads to an increase in total revenue, demand must be: a. perfectly inelastic. b. relatively inelastic. c. relatively elastic
d. unit elastic.
When interest rates rise, farm profits
A) Increase because the value of farm assets varies directly with interest rates. B) Decrease because the value of farm assets varies directly with interest rates. C) Decrease because interest rates represent a major cost for farm production. D) Are not affected.