A basic message of Ricardo's theory of comparative advantage is that
What will be an ideal response?
even if countries lack an absolute advantage in the production of any good, consumers can still consume more if there are no restrictions on trade
potential world production is greater with unrestricted free trade than it is with restricted trade
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After the ban on the production and sale of alcohol ended in 1933,
a. the quality of alcohol sold declined. b. the murder rate declined. c. the profit rate for bootleg sellers of alcohol increased. d. all of the above occurred.
If a country exports more than it imports, then it has
a. positive net exports and positive net capital outflows. b. positive net exports and negative net capital outflows. c. negative net exports and positive net capital outflows. d. negative net exports and negative net capital outflows.
For poor countries, a lack of capital and poorly developed infrastructure contribute to low farm productivity.
Answer the following statement true (T) or false (F)
A monopolist's marginal revenue is always less than its price at any one level of output.
Answer the following statement true (T) or false (F)