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.
Ans: b. countries' different technologies explain international trade.
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A market in which firms can enter and leave so easily that firms in the market face competition from potential entrants is called a
A) contestable market. B) cartel. C) limit pricing market. D) monopolistic competition market.
Explain the difference between correlation and causation
What will be an ideal response?
What function is money serving when you deposit money in a savings account?
A unit of account A store of value A checkable deposit A medium of exchange
Answer the following statements true (T) or false (F)
1. If choice A wins over choice B in a majority vote, while choice B wins over choice C in a majority vote, then we can conclude that choice A would win over choice C. 2. Political logrolling always produces economically inefficient outcomes. 3. The appeal to government for special benefits at taxpayers' or someone else's expense is the paradox of voting. 4. Even if individual voters have clear preferences, and they stay consistent in their preferences, we could still end up with the paradox of voting. 5. One consequence of the paradox of voting is that whoever sets the agenda of a vote could practically predetermine the results of the vote.