For country A, an export is a good produced in:
A. country B and purchased by residents of country B.
B. country B and purchased by residents of country A.
C. country A and purchased by residents of country B.
D. country A and purchased by residents of country A.
Answer: C
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A country is said to have a comparative advantage in the production of a good when it:
a. has the lower opportunity cost of producing the good. b. can produce the good using fewer resources than another country. c. requires fewer labor hours to produce the good. d. all of these.
Human capital contributes to growth because it helps workers in the economy:
A. produce more with the same amount of physical capital. B. work smarter. C. be more productive with their time. D. All of these are true.
As a firm in a monopolistically competitive market successfully differentiates its products and earns a positive economic profit, it is soon imitated by its rivals and profit of the firm falls to zero
a. True b. False Indicate whether the statement is true or false
The table below contains hypothetical international balance-of-payments data for the United States. All figures are in billions. Compute with the appropriate sign (+ or ?) and enter in the table the six missing items. What was the condition of the balance of payments in the United States?
