The benefits to trading nations based on comparative advantage accrue from
A. specialization and trading.
B. trading only.
C. specialization only.
D. protection of domestic industries.
Answer: A
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National defense services provided by the military are:
A. excluded from GDP because they are intermediate goods. B. included in GDP at cost. C. excluded from GDP because they are not sold in markets. D. included in GDP at market prices.
If a perfectly competitive industry is taken over by a single firm that operates as a single-price monopoly, the price will ________ and the quantity will ________
A) fall; decrease B) fall; increase C) rise; decrease D) rise; increase E) not change; decrease
Under a pure gold standard
A) the dollar is tied to gold and all other currencies are fixed relative to the dollar. B) all foreign exchanges involve gold for goods and services. C) all currencies are defined in terms of gold and these rates are fixed. D) all trade involves government agencies.
During the Civil War, __________ fell in the North
a. nominal wages b. real wages c. prices d. All of the above