David Ricardo's model, which provided an explanation of why nations trade, was based on:
a. labor productivity.
b. technology.
c. population.
d. government control
Ans: c. population.
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If the natural monopoly shown in the figure above is unregulated, it will sell
A) 2 million units. B) 3 million units. C) 4 million units. D) 5 million units.
Economics promotes which of the following as the way to make the best decision?
A) Continue an enjoyable activity up to the point where its marginal benefit equals its marginal cost. B) Continue an enjoyable activity until it is no longer enjoyable. C) Continue an enjoyable activity until you cannot afford to pursue it. D) Continue an enjoyable activity as long as you do not have to pay for it.
Suppose that a developing country devotes extensive resources towards improving the education and skill level of the labor force
How might this help the country avoid a coordination failure? Is this strategy likely to be successful? Why or why not?
Consumers and producers face each other in the many markets of our economy, and in most of these markets,
a. price floors dominate b. price ceilings dominate c. market prices dominate d. government intervention is commonplace e. parity exists between the farm and nonfarm goods