The benefits to specialization are even greater when two trading partners have:
A. large differences in opportunity costs.
B. very similar opportunity costs.
C. absolute advantages in producing the same goods.
D. similar consumption preferences.
Answer: A
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One effect of government mandating participation in the auto insurance market is it leads to:
A. higher premiums for all participants. B. lower premiums for all participants. C. the collapse of the market. D. free coverage for some participants.
Which of the following is an example of a demand shock?
A. Hurricane Harry knocks out oil drilling platforms in the Gulf of Mexico. B. Consumers become worried about job loss and buy fewer goods and services than expected. C. Floods in the Midwest destroy crops. D. The federal government unexpectedly requires automobile producers to raise fuel efficiency standards.
What are the key ingredients of Taiwan's successful entry into world markets? What lessons can other developing countries draw from Taiwan's experience with global markets?
What will be an ideal response?
Refer to the table below. What is the probability of selling less than 24 cakes?
The above table shows the probability distribution of cake sales at Busy Betty's Bakery.
A) 0.00
B) 0.10
C) 0.90
D) 0.80