Patterns of interregional trade are primarily determined by ________ rather than ________ because factors of production are generally ________
A) external economies; natural resources; mobile
B) internal economies; external economies; mobile
C) external economies; population; immobile
D) internal economies; population; immobile
E) population; external economies; immobile
A
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For years, your neighbor insisted she had no desire to own a computer. Recently, however, she purchased one and says she did so because all her relatives have computers and she wants to exchange e-mail with them. Your neighbor's behavior is an example of
A) a switching cost. B) the impact of negative market feedback. C) limited-pricing behavior. D) a network effect.
In the long run, all firms in a perfectly competitive industry
A) earn economic profits. B) break even. C) suffer economic losses. D) sell differentiated products to earn economic profits.
If the stock market continues a steady climb upwards, this ____ consumer confidence and wealth, leading to ____ consumption, and ____ aggregate demand
a. increases, decreased, increased b. decreases, decreased, decreased c. increases, increased, increased d. increases, increased, decreased
A free market may produce a misallocation of resources over time because
a. the Fed manipulates interest rates. b. people have a "defective telescopic faculty." c. private risk usually exceeds social risk. d. All of the above are correct.