Some years ago, chemists at 3M Corporation were trying to create a super-strong glue. Somehow they got their molecules twisted and came up with one of the weakest glues ever made. But, rather than pouring it down the drain, they tried coating some paper with it, and the "Post-It Note" was born. In this case, 3M was acting as a(n)
A) utility.
B) rationer.
C) entrepreneur.
D) abstraction.
C
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The portion of the four-sector circular flow model which shows the flow of funds from savers to borrowers is the:
a. product market. b. factor market. c. savings market. d. financial market.
Assume that Colombia can produce 1,000 pounds of coffee in one day or produce 200 pounds of bananas in one day. In addition, assume that Ecuador can produce 300 pounds of coffee in one day or produce 100 pounds of bananas in one day. Which country has
the comparative advantage in coffee and which has the comparative advantage in bananas? Determine a pattern of trade regarding these countries and these goods that would benefit both countries.
Which of the following provides the foundation of the case for free trade?
What will be an ideal response?
A public good:
A. can be profitably produced by private firms. B. is characterized by rivalry and excludability. C. produces no positive or negative externalities. D. is available to all and cannot be denied to anyone.