By comparing the world price of pecans to India's domestic price of pecans, we can determine whether India
a. will export pecans (assuming trade is allowed).
b. will import pecans (assuming trade is allowed).
c. has a comparative advantage in producing pecans.
d. All of the above are correct.
d
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When the cost of producing a unit of a good decreases as its output rate increases, there are economies of
A) scale. B) scope. C) production. D) size.
Which of the following events must result in a higher price in the market for cigars?
a. Demand for cigars increases, and supply of cigars decreases. b. Demand for cigars and supply of cigars both decrease. c. Demand for cigars decreases, and supply of cigars increases. d. Demand for cigars and supply of cigars both increase
An unanticipated decrease in aggregate demand will cause an upward shift in the short-run Phillips curve
Indicate whether the statement is true or false
What do economists mean when they say that economic resources or factors of production are scarce or limited in supply?
Please provide the best answer for the statement.