International trade was not important to the industrializing U.S. since it was relatively rich in raw materials and land
Indicate whether the statement is true or false
False (The producers in the U.S. and many producers in the rest of the world relied on production operating on the basis of comparative advantage. They produced those goods and services that minimized opportunity costs around and across regions, the nation and the globe. Those items were then traded for those goods in which producers possessed a comparative disadvantage. Market size and economic conditions permitted many U.S. producers to trade with each other.)
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If the price of gasoline fell from $2.95 to $2.85 per gallon, your expenditure on gasoline would increase if your price elasticity of demand for gasoline equals
A) 1.1. B) 1.0. C) 0.9. D) Total revenue would increase at all of the above elasticities.
Endogenous growth models
a. predict absolute convergence. b. predict conditional convergence. c. do not predict convergence. d. predict convergence among rich countries but not poor countries.
The price index that measures the prices of goods and services purchased by firms is called the:
A. producer price index. B. purchasing power index. C. consumer price index. D. retail sales index.
Remittances and backflows of experienced workers:
A. reduce the efficiency gains from migration. B. reverse wage equalization that occurred with the original migration. C. exacerbate the problem of "brain drain" from developing nations. D. redistribute gains toward the original emigrant nation.