A country will specialize in the good for which
A. it has moderate production costs.
B. it has absolute advantage.
C. it can produce at minimum average cost.
D. it has comparative advantage.
Answer: D
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If MPL = 3, and MRTS = -4 what is MPK?
A) 12 B) -12 C) 3/4 D) -3/4
The economic theory of discrimination suggests that the practice of apartheid in South Africa should have
a. worsened the economic condition of only the blacks. b. worsened the economic condition of only the whites. c. worsened the economic condition of whites as well as others. d. improved the economic condition of the whites.
Under monopolistic competition, profits cannot persist because new firms will be attracted to the market.
Answer the following statement true (T) or false (F)
What two simultaneous outcomes are implied by new trade theory?
What will be an ideal response?