Which of the following looks at the demand side of the market to explain some of the observed international trade patterns?
a. The theory of consumer preferences
b. The factor abundance theory
c. The product life cycle theory
d. The Ricardian model
e. The human skills approach
a
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The foundational principle that makes insurance companies work is called:
A. risk pooling. B. risk assignment. C. catastrophic causation. D. risk analysis.
The government can address __________ by providing universal health insurance coverage and charging uniform premiums.
A. expected utility B. asymmetric information C. commodity egalitarianism D. adverse selection
One feature of pure monopoly is that the monopolist is:
A. one of several producers of a product. B. a price maker. C. a price taker. D. a producer of products with close substitutes.
In the long run, the price charged by the monopolistically competitive firm attempting to maximize profits:
A. must be less than ATC. B. must be more than ATC. C. may be either equal to ATC, less than ATC, or more than ATC. D. will be equal to ATC.