In the pre-World War I period, the U.S. exported mainly
A) manufactured goods.
B) services.
C) primary products including agricultural.
D) technology intensive products.
E) weapons.
C
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Refer to Table 7-1. Use the table above to select the statement that accurately interprets the data in the table
A) Rob has a comparative advantage in picking berries. B) Bill has a comparative advantage in catching fish. C) Rob has a comparative advantage in catching fish and picking berries. D) Bill has a comparative advantage in picking berries.
Monopolistic competitors advertise because
A) they have downward sloping demand curves. B) the demand curves they face are very elastic. C) they produce goods that can be differentiated from the goods of other firms in the industry. D) they can earn long-run profits if they advertise.
Game theory tells how to win at games of chance.
Answer the following statement true (T) or false (F)
Which of the following is not an example of the adverse selection problem?
A. Buyers in a market for used cars must choose from an undesirable selection of used cars. B. An insurance company must choose one price for its coverage for both high-cost and low-cost people. C. Commercial banks would rather use credit rationing than raising interest rates in the presence of excess demand for loans. D. An insured motorist drives more recklessly.