"International trade bestows benefits on countries through the international transmission of ideas." Do you agree or disagree? Explain
What will be an ideal response?
Agree. Ideas developed in one place can be transferred to other places, benefiting people in both places. Often the idea is originally embodied in goods, but eventually the idea itself usually gets transferred as well.
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Fiscal policy works principally through shifts of the aggregate demand curve.
Answer the following statement true (T) or false (F)
A firm's advertising can help rivals
A) if fit focuses on general problem that the product addresses B) if it focuses on a secret ingredient that only this firm possesses C) if rivals do not advertise D) if rivals advertise
Figure 2.1Refer to Figure 2.1. What is the opportunity cost of increasing production of manufactured products from 500 tons to 600 tons per year?
A. 200 tons of agricultural products per year B. 400 tons of agricultural products per year C. 500 tons of agricultural products per year D. 600 tons of agricultural products per year
An automobile manufacturer voluntarily recalls certain models to fix a defective part at no cost to the owners. This action has the effect of
A) the lemon problem. B) a manufacturer's warranty. C) a market failure. D) none of the above.