The central reason why there are gains from international trade is because
a. trading allows otherwise unemployed people to have jobs
b. the rate of interest is not the same in all countries.
c. resources are not equally distributed to all nations.
d. those nations with absolute advantages in producing many goods can produce all of those goods at lower opportunity costs than other countries.
c
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Which of the following statements is true about monopsony? a. Monopsonists face an upward-sloping supply curve of labor as long as unions control the supply curve of labor
b. Monopsonists can choose to hire any number of workers they wish. c. Monopsonists are also monopolists. d. Monopsonists will keep hiring until the worker's MRP = TLC. e. Monopsonists face a horizontal supply curve of labor as long as unions do not control the supply of labor.
If real GDP per person in a country equals $20,000 and 40 percent of the population is employed, then average labor productivity equals:
A. $8,000. B. $40,000. C. $20,000. D. $50,000.
Which of the following statements is not correct regarding taxes?
A. The largest source of state and local governments tax revenue is sales and excise taxes. B. The largest source of federal government tax revenue is individual income taxes. C. A sales tax on food is a regressive tax. D. A proportional tax is equal to a fixed dollar amount.
Google is an example of a pure monopoly in the Internet search market.
Answer the following statement true (T) or false (F)