A radio station is best described as
A) an end user in a transaction-based market.
B) a platform in an audience-making market.
C) an end user in a matchmaking market.
D) a platform in a shared-input market.
Answer: B
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In the above figure, over the price range P5P6, demand is
A) unit elastic. B) elastic. C) perfectly inelastic. D) inelastic.
You are the Minister of Trade for a small island country with the following annual PPC:
You are negotiating a trade agreement with a neighboring island with the following annual PPC:
As soon as you see the other island's PPC, you realize there are:
A. no gains from trade because there is no difference in your ability to harvest coconuts. B. gains from trade because your island has a comparative advantage in coconuts. C. no gains from trade because you both have the same comparative advantage. D. no gains from trade because the other island has an absolute advantage.
The focus of the Ricardian model is on how:
a. countries' resource bases explain international trade. b. countries' different technologies explain international trade. c. transportation costs explain international trade. d. different languages and cultures explain international trade.
Short-run economic growth comes from:
A. Expanding the production possibilities curve. B. A rightward shift of aggregate supply. C. Increased or more efficient use of existing resources. D. A population decrease which increases output per person.