Refer to Figure 2-14. Which country has a comparative advantage in the production of snow cones?
A) Greenland B) They have equal productive abilities.
C) Iceland D) neither country
C
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A monopolistic competitor produces 1,200 units of a good at an average cost of $120 per unit. If the price charged is $135, calculate his total profit
A) $13,500 B) $1,100 C) $18,000 D) $2,000
Tradable allowances are like taxes in that they both:
A. impose a quota on output. B. maximize surplus. C. are not efficient. D. None of these statements is true.
___________ markets like Hawaii and Florida tend to have more stable prices, while ___________-oriented destinations like Washington, D.C., and Chicago have more price volatility
Fill in the blank(s) with the appropriate word(s).
The graphic for India, China, Brazil and the US showing income groups and percentages of total country income for each group highlights that
A) there are income differences within highly developed countries such as the U.S. but these are relatively small in comparison to BRIC countries B) income differences within the BRIC countries are very large C) income differences across countries like the DRC, BRIC, and the U.S. are very large D) all of the above