A country has a comparative advantage in a product if the world price is
a. lower than that country's domestic price without trade.
b. higher than that country's domestic price without trade.
c. equal to that country's domestic price without trade.
d. not subject to manipulation by organizations that govern international trade.
b
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What is a problem with barter that makes it so difficult to use?
A) Individuals have to produce something to trade with. B) Barter omits the store of value role for money. C) Barter requires use of only fiat money. D) Barter requires a double coincidence of wants. E) Barter is very efficient but illegal because it avoids taxation.
The majority of the value of production in the world economy is produced in
A) all of the developing economies taken together. B) all of Africa and the Middle East taken together. C) China and other Asian developing economies. D) all of the advanced economies taken together. E) all of the emerging market economies taken together.
Monopolist fears that central banks would unfairly compete with all other profit-maximizing banks contributed to the demise of the First and Second Banks of the U.S
Indicate whether the statement is true or false
GDP per capita can be summarized to be:
A. a measure of average well-being in a country. B. the best measure of well-being for all citizens inside a country C. a gauge of the direction an economy when we examine GDP changes over one year. D. the measure of value of all activity inside a national economy.