In the real world, it costs money to move products from one country to another, but Ricardo's model does not address these ______ costs
Fill in the blank(s) with the appropriate word(s).
transportion
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Matty and Rudy are the same age, live in the same town, and hold similar jobs a similar distance from their respective homes. They are so similar, in fact, that to the insurance company, they look the same and are offered the same insurance options. However, Matty has never been a particularly good driver and so buys a lot of auto insurance. Rudy, on the other hand, takes pride in being an excellent driver and so only carries the minimum insurance required. This example illustrates the potential for :
A. risk pooling. B. risk aversion. C. adverse selection. D. diversification.
What is the difference between actual investment (as defined in GDP) and planned investment?
a. Planned investment does not include unplanned inventory changes; actual investment does. b. There is no difference; they are the same. c. Planned investment does not include depreciation; actual investment does. d. Planned investment includes inventories; actual investment does not. e. Planned investment includes depreciation; actual investment does not.
When bond prices go up, interest rates go _________.
Fill in the blank(s) with the appropriate word(s).
When demand is elastic,
A) changes in price and changes in total revenue move in the same direction. B) there is no relationship between changes in price and changes in total revenue. C) changes in price and changes in total revenue move in opposite directions. D) for any change in price, total revenue will not change.