A _______ demand curve has a price elasticity of demand that is perfectly elastic
a. vertical
b. rectangular hyperbola
c. horizontal
d. circular
c
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If the autarky price of S (in terms of T) were lower in country A than in country B,
A) A has a comparative advantage in S. B) B has a comparative advantage in T. C) A has a comparative disadvantage in T. D) All of the above.
The amount of money that a bank must keep on reserve at the Federal Reserve is the
A. cash reserve portion. B. reserve amount. C. portfolio portion. D. reserve ratio.
Explain how the law of comparative advantage benefits developing countries.
What will be an ideal response?
The law of diminishing returns applies to
A) the short run only. B) the long run only. C) both the short and the long run. D) neither the short nor the long run. E) all inputs, with no reference to the time period.