International trade occurs because the opportunity cost of producing specific goods differs across
a. firms
b. individuals
c. regions of the U.S.
d. countries
e. households
D
You might also like to view...
The marginal cost to a student of missing a class meeting in Introductory Economics increases when
A) textbook prices increase. B) tuition rates increase. C) valuable information is communicated in the class meetings. D) any of the above occurs.
If the real GDP of a developed country doubles in 48 years, the average annual growth rate in real GDP must be _____
a. 1.5% b. 3.5% c. 0.67% d. 0.012% e. 24%
The concept of diminishing marginal utility is the idea that;
(a) Total satisfaction will decrease as more units of a good are consumed; (b) The satisfaction gained from each additional unit of a good will decrease; (c) Total utility will become negative; (d) Both (a) and (c) describe it.
Why might the economy as a whole conform to the predictions of a model even if not all people are rational?
A. It won't; for the standard model to work, all people must be rational. B. The standard model doesn't assume rationality. C. People who are rational will profit from those who are not. D. People who are irrational will profit from those who are not.