Marginal benefit is the benefit that your activity provides to someone else
Indicate whether the statement is true or false
FALSE
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The Heckscher-Ohlin model is famous for being elegant and mathematically sophisticated, yet failing to describe reality. One manifestation of this fact is Trefler's Case of Missing Trade. Explain what exactly is missing
In what sense is it missing? How would you explain why it is missing? How can a relaxation of the identical production functions explain the case of the missing trade? How did the results obtained by Davis and Weinstein strengthen support for the validity of the HO model?
The slope of a straight line
A) is the same at all points along that line. B) cannot be defined. C) changes from one point to the next on that line. D) is always equal to zero.
The demand curve for the output of an individual firm in monopolistic competition is
a. more elastic than the market demand curve. b. less elastic than the market demand curve. c. equivalent to the market demand curve. d. perfectly elastic.
A firm in the United Kingdom hires a firm in the U.S. to train its managers. By itself this transaction
a. increases U.S. imports and decreases U.S. net exports. b. increases U.S. imports and increases U.S. net exports. c. increases U.S. exports and decreases U.S. net exports. d. increases U.S. exports and increases U.S. net exports.