Refer to Table 9-12. Which country has a comparative advantage in producing belts?
A) Estonia B) Morocco C) both countries D) neither country
B
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A monopolistically competitive market is described as one in which there are
A) a large number of firms selling similar, but not identical, products. B) one large firm and many small firms producing identical products. C) a few firms producing an identical product. D) a few firms producing differentiated products.
In the United States, government policies with respect to monopolies and collusion are embodied in
A) common law, which the United States adopted from English law. B) the Supreme Court. C) antitrust laws. D) the U.S. Constitution.
Rachel earns nothing during her learning period, 1100 during her working period, and nothing during her retirement period. She has initial assets of 300. The real interest rate is zero. Rachel is not allowed to borrow by the banks. Whenever possible, Rachel wants to smooth consumption between periods. How much will she save during her working period?
A. 950 B. 700 C. 400 D. 550
The division of labor generally refers to splitting
A. the three coordination decisions among different sets of planners. B. the parts of a complex task among different workers. C. the production of consumption goods and capital goods among different workers. D. political leaders into radical and conservative camps each year.