Without trade, a country's consumption possibilities are
A. Greater than with trade.
B. More than its terms of trade.
C. Limited to its domestic production possibilities.
D. Less than its trade balance.
Answer: C
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Based on this model, if the government uses a uniform standard
Suppose that two firms, X and Y, face the following abatement costs: MACX = 1.2AX, MACY = 0.3AY TACX = 0.6AX2 TACY = 0.15AY2 Further assume that the combined abatement standard is 40 units for both firms. a. the total abatement cost for firm X is $24 b. the total abatement cost for firm Y is $12 c. the combined total abatement cost for both firms is $1,200 d. the combined total abatement cost for both firms is $300
Technological change allows perfectly competitive firms to ________ and leads to ________
A) lower their costs; lower prices for consumers B) raise their prices; higher prices for consumers C) lower their costs; higher prices so the firms can earn economic profits in the long run D) raise their costs; higher prices and maximum profits in the long run E) lower their costs; deadweight loss
The Case-Shiller index is normalized to equal 100 in January
A) 1999. B) 1990. C) 2000. D) 2001.
Which of the following statements best describes the economic short run?
A) It is a period of one year or less. B) It is a period during which firms are free to vary all of their inputs. C) It is a period during which at least one of the firm's inputs is fixed. D) It is a period during which fixed inputs become variable inputs because of depreciation.