Which of the following factors are least likely to affect what countries end up trading in the international market?
a. International trade tariffs
b. Government debt levels
c. Comparative advantages
d. Differences in tastes
e. Different technological needs
b
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The cost-benefit model used by economists is:
A. unrealistic because it is too detailed and specific to apply to most situations. B. useful because everyone follows it all of the time. C. unrealistic because everyone can think of times when he or she violated the principle. D. useful because most people follow it most of the time.
The number of employed persons plus the number of unemployed persons equals the number of persons
A) in the total population. B) in the civilian noninstitutional population. C) in the civilian labor force. D) not in the labor force. E) none of the above
According to the theory of liquidity preference, if output decreases
a. people want to hold more money. This response is shown as a movement along the money demand curve. b. people want to hold more money. This response is shown as a shift of the money demand curve. c. people want to hold less money. This response is shown as a movement along the money demand curve. d. people want to hold less money. This response is shown as a shift of the money demand curve.
In economics, another term for satisfaction is
A) scarcity. B) need. C) utility. D) return.