For a nation, ownership of natural resources:
a. Is essential for economic growth. Without it, nations would not have the ability to grow.
b. Must expand as the nation grows because the nation needs to own natural resources to be able to export goods to the rest of the world.
c. Is not as important to growth as access to natural resources.
d. None of the above is true.
e. All of the above are true.
.C
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According to the law of demand, other things equal, when the price of a good or service falls, demand increases
a. True b. False Indicate whether the statement is true or false
In the importing country, the most likely effects of tariffs and/or import quotas is to _______ prices and ________ consumption of the protected goods.
A) raise; reduce B) raise; raise C) raise; not affect D) reduce; reduce
The monopolistically competitive firm maximizes profit by producing to the point at which
A) ATC = AVC. B) MC = MR. C) MR = AR. D) MC = P.
Refer to the above table. Assuming that opportunity costs are constant, which of the following is a correct statement?
A. Mexico has a comparative advantage in producing both goods. B. The United States has a comparative advantage in TV production. C. Mexico has a comparative advantage in producing TVs. D. The United States has a comparative advantage in producing both goods.