In the past 50 years, per capita income in some countries such as ________ and ________ has hardly changed relative to per capita income in the United States
A) Mexico; Argentina
B) Kenya; Nigeria
C) South Korea; India
D) France; United Kingdom
A
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The four categories of expenditure used by the expenditure approach method to calculate GDP are
A) consumption expenditure, taxes, saving and investment. B) consumption expenditure, investment, net imports and saving. C) saving, taxes, government expenditure and investment. D) consumption expenditure, investment, government expenditure and net exports.
If a scale economy is the dominant technological factor defining or establishing comparative advantage, then the underlying facts explaining why a particular country dominates world markets in some product may be pure chance, or historical accident
Explain, and compare this with the answer you would give for the Heckscher-Ohlin model of comparative advantage.
Calculate the Herfindahl-Hirschman Index in this industry
If the absolute price elasticity of demand is 2.5, a 10 percent increase in the price will cause
A) the quantity demanded to decrease by 2.5 percent. B) the quantity demanded to decrease by 25 percent. C) the quantity demanded to decrease by 4 percent. D) the quantity demanded to decrease by 40 percent.