A country will not trade unless:
A. it has an absolute advantage in production.
B. the value received is greater than its domestic opportunity cost.
C. domestic industries are protected from harm.
D. the other nation is a close ally.
B. the value received is greater than its domestic opportunity cost.
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The schedule describing the Keynesian consumption function will become steeper with an increase in ________
A) consumption spending B) autonomous consumption C) the marginal propensity to consume D) the marginal propensity to save
If a market has more than one seller, but fewer sellers than under perfect competition, it is referred to as
a. a monopoly b. competitive c. imperfect competition d. an efficient market e. optimal
Usury laws are ineffective unless the interest rate ceiling is set ______ the equilibrium rate of interest.
Fill in the blank(s) with the appropriate word(s).
Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending State NoName U is:
A. $15,000 B. $60,000 C. $30,000 D. $20,000