________: the rate of substitution or trade-off between two inputs in the production of a specific product
Fill in the blank(s) with correct word
Isoquant
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If a scale economy is the dominant technological factor defining or establishing comparative advantage, then the underlying facts explaining why a particular country dominates world markets in some product may be pure chance, or historical accident
Explain, and compare this with the answer you would give for the Heckscher-Ohlin model of comparative advantage.
Which of the following is least accurate about the US during World War I?
a. The armed forces increased from about 180,000 to 3 million. b. Soldiers were obtained through volunteer army and without a draft. c. Many new agencies were started to regulate prices. d. The US was a formal participant in the war for only 19 months.
James has a comparative advantage in the production of corn, while Harry has a comparative advantage in the production of bread. If James and Harry decide to trade with each other, _____
a. both Harry and James will enjoy gains from trade b. only Harry will enjoy gains from trade c. only Harry will suffer losses from trade d. only James will suffer loses from trade e. neither of them will gain from trade
Since classical economists believe that both V and Q are constants, the equation of exchange becomes a theory in which
a. the quantity of money explains prices b. the quantity of money explains velocity c. the quantity of money explains real GDP d. changes in M cause changes in V e. prices are never flexible