In terms of production possibilities curves, the benefits of trade between two nations are that each nation moves to a higher:
a. standard of living. b. consumption possibilities combination.
c. both a and b. d. neither a nor b.
c
You might also like to view...
A price cut will decrease the revenue a firm receives if the demand for its product is
A. elastic. B. inelastic. C. unit elastic. D. straight elastic.
Poverty is usually defined by economists in relative terms
a. True b. False Indicate whether the statement is true or false
A good is rivalrous in consumption if
A. its consumption by one person reduces its consumption by others. B. it can be used to satisfy many needs (as compared to just one need). C. it can be used to satisfy many wants (as compared to just one want). D. its consumption by one person increases its consumption by others. E. a and c
What all "New Classical" models have in common is the assumption of
A) imperfect information. B) continuous clearing of product and labor markets. C) the primary importance of technological and supply shocks in causing business cycles. D) downward nominal wage rigidity. E) countercyclical real wages.