A country is said to have an absolute advantage in producing a good over another country if that first country
A. is a major consumer of the good.
B. is a more efficient producer of the good.
C. can produce more units of the good.
D. has a lower opportunity cost of producing the good.
Answer: B
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The application of current US antitrust law
A. extends its long reach to block mergers that reduce competition. B. reaches beyond the subjective judgments of antitrust regulators. C. includes a wide arrange of anticompetitive practices. D. includes a narrow range of anticompetitive practices.
The difference between revenues and expenditures for inputs is known as
A. profits. B. debits. C. cash flow. D. net revenue.
Loss aversion can explain why very little ________ actually takes place in the securities market
A) short selling B) bargaining C) bartering D) negotiating
Suppose an industry receives protection from the government in the form of tariffs
A number of years later, it is observed that the quantity supplied by domestic firms had decreased and that the domestic price was substantially greater than the world price. We could conclude that A) the tariff had been imposed to counteract dumping and had been successful. B) removal of the tariff would actually cause domestic output to increase and price to fall. C) the tariff had been imposed to protect an infant industry and that the industry still needed protection. D) removal of the tariff would cause domestic output to fall even further and the price to fall to consumers.