When Ukraine trades with Italy,
a. both countries are likely made better off.
b. only Italy benefits since Ukraine can produce all goods at a higher level of quality than Italy.
c. only Ukraine benefits since Italy's low wages guarantee that Italian firms will be profitable regardless of trade.
d. neither country will benefit since Ukraine is more efficient than Italy in the production of all goods.
a
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The ________ hypothesis claims that differences in natural environment such as climate, and ecology are ultimately responsible for the major differences in prosperity observed around the world
A) climate B) location C) ecology D) geography
If a perfectly competitive firm is producing an output level for which MR equals $5, MC equals $6, and ATC equals $4, the firm
a. is earning a profit but should reduce output. b. is earning a profit and should increase output. c. is suffering a loss and should reduce output. d. is suffering a loss but should increase output.
Which of the following is NOT an objective of long-term financial plans?
Economists measure the degree to which consumers win when Walmart comes to a city by looking at changes to
A. consumer spending. B. producer surplus. C. elasticity of demand. D. consumer surplus.