Costa Rica is a leading exporter of bananas. What explains the comparative advantage of this country in banana production?
A) climate and soil conditions in Costa Rica which are well-suited for banana production
B) investment by multinational firms such as Chiquita Brands International and the Dole Food Company
C) a large supply of unskilled labor
D) positive externalities
Answer: A
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If the slope of the relationship between savings and interest rates is 0.5, then
A) savings and interest rates have a positive relationship B) savings and interest rates have a negative relationship C) savings and interest rates have no relationship D) savings and interest rates have an inverse relationship
Suppose, on average, a family in Church Falls earning $60,000 per year paid 6 percent of its income in state taxes. A family earning $80,000 paid, on average, $4,760 in state income taxes
Are state taxes in Church Falls progressive or regressive? Be sure to explain the difference between a progressive tax and a regressive tax.
The more time people have to adjust to a price change:
A. will not affect the elasticity of their response unless it is a luxury good. B. the less elastic their demand will be. C. the more elastic their demand will be. D. will not affect the elasticity of their response unless the good is a necessity.
If producers support proposed regulation of their industry, then
a. it is likely that consumers will benefit from the regulation b. it is likely that producers are looking out for the interests of the consumers c. it is likely that both producers and consumers will be adversely affected by the legislation d. it is possible that consumers will be adversely affected by the legislation e. it is likely that prices will fall