Which statement is false?
A. Compared to 30 years ago, there is more sentiment in the U.S. for protection against the import of foreign goods.
B. The basis for international trade is specialization.
C. Our balance of trade has been negative since the early 1900s.
D. None of these statements are true.
C. Our balance of trade has been negative since the early 1900s.
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Tom takes 20 minutes to cook an egg and 5 minutes to make a sandwich. Jerry takes 15 minutes to cook an egg and 3 minutes to make a sandwich. Both individuals will be better off if
A) Tom trades sandwiches in exchange for eggs. B) Jerry trades sandwiches in exchange for eggs. C) they trade, no matter who trades sandwiches and who eggs. D) they don't trade.
If Brazil can produce 5 shirts or 4 pounds of beef in a day, and Uruguay can produce 10 shirts or 2 pounds of beef in a day, then Brazil has a comparative advantage in the production of beef
a. True b. False Indicate whether the statement is true or false
For a perfectly competitive firm, the value of the marginal revenue product is
A. marginal physical product times the wage rate. B. marginal physical product times the product price. C. the same thing as marginal physical product. D. the same thing as marginal factor cost.
A balance-of-trade surplus exists
A. if the dollar value of exports exceeds the dollar value of imports. B. if the dollar value of imported capital exceeds the dollar value of exports. C. only if there is relative price inflation domestically. D. only if full employment exists domestically.