Falling transportation costs in the 19th century
a. fostered regional specialization according to comparative advantage.
b. created increasing lags for price declines along the Mississippi.
c. propelled the process of western expansion.
d. All of the above.
e. Both a and c are correct.
e. Both a and c are correct.
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Other things the same, if the price level falls, people
a. increase foreign bond purchases, so the supply of dollars in the market for foreign-currency exchange increases. b. increase foreign bond purchases, so the supply of dollars in the market for foreign-currency exchange decreases. c. decrease foreign bond purchases, so the supply of dollars in market for foreign-currency exchange increases. d. decrease foreign bond purchases, so the supply of dollars in the market for foreign-currency exchange decreases.
If the opportunity cost of producing one basketball in Romania is 3 Barbie dolls, while the opportunity cost of producing one basketball in Nigeria is 2 Barbie dolls, _______ has the comparative advantage in the production of basketballs.
A. Romania B. Nigeria C. both Romania and Nigeria D. neither Romania nor Nigeria
Banks hold 100% of their checking deposits as vault cash to ensure that bank runs do not occur
Indicate whether the statement is true or false
Producer surplus is measured as the
A) area under the demand curve above market price. B) entire area under the supply curve. C) area under the demand curve above the supply curve. D) area above the supply curve up to the market price.