If Country A has an absolute advantage over Country B in the production of every commodity:
a. mutual gains from trade between Country A and Country B would be impossible.
b. Country B would be able to gain from trade but not country A.
c. the joint output of the two countries could not be increased through specialization and exchange.
d. mutual gains from trade would still be possible.
d
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Growth in real GDP per hour worked in the United States was slowest during what period of time?
A) 1900-1949 B) 1950-1973 C) 1974-1995 D) 2006-2014
Using the income approach, the smallest component in the calculation of GDP is:
a. net interest. b. rental income. c. profits. d. compensation of employees.
Any terms of trade within the limits set by domestic opportunity costs will be mutually harmful, because each country tries to push the other as close to the limits of the terms of trade as possible
a. True b. False Indicate whether the statement is true or false
When price level is considered, the value of the multiplier will be less than that suggested by the oversimplified version of multiplier. Why?