If one producer has the absolute advantage in the production of all goods, then that same producer will have the comparative advantage in the production of all goods as well
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
If a nation imposes a tariff on an imported product, then that nation will experience a(n)
A. decrease in the supply of, and an increase in the quantity demanded of, the product. B. increase in the quantity supplied of, and a decrease in the price of the product. C. decrease in demand and a decrease in the price of the product. D. decrease in quantity supplied and an increase in the price of the product.
Refer to Figure 9-2. With the tariff in place, the United States
A) imports 16 million pounds of rice. B) imports 15 million pounds of rice. C) imports 9 million pounds of rice. D) exports 31 million pounds of rice.
A horizontal merger involves
A) the joining of two firms at different stages of the production process. B) the separation of management from ownership. C) the joining of two firms selling similar products. D) the exchange of debt for stock.
Renewable resources are those for which
a. additional units can be purchased in the market b. additional units can be purchased in the market or provided by government c. worn-out units can be repaired for further use d. periodic use can be continued indefinitely e. additional sources are constantly being discovered