Which of the following CANNOT be a source of comparative advantage?
A) Climate
B) Resource stock available
C) Education of workforce
D) Domestic prices of goods and services
D
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The argument that calls for the trade protection of only newly developing industries is known as the ________ argument
A) predatory dumping B) developing nation C) infant industry D) learning by doing
An example of rational behavior in economics is
a. a firm seeking to minimize its losses in an economic downturn. b. a consumer wanting to maximize satisfaction. c. a country looking to maximize its output. d. All of these.
Which of the following will cause a movement along the supply curve for oil?
A) new technology to drill oil underwater in the Gulf of Mexico B) a change in the price of oil C) an increase in the number of oil-producing firms D) government subsidies to oil producers in Wyoming
In 2015, the total income of all U.S. residents was about
a. $10 billion. b. $16 billion. c. $10 trillion. d. $16 trillion.