Patterns of trade among nations are primarily determined by
a. cultural considerations.
b. political considerations.
c. comparative advantage.
d. differences in the income elasticity of demand among nations.
c
You might also like to view...
Refer to Table 2-20. Japan has a comparative advantage in the production of
A) rice. B) wristwatches. C) both products. D) neither product.
One source of structural unemployment is ________
A) the seasonal character of production in some industries, e.g. agriculture in Alaska during winter months B) falling sales in an economic downturn C) wage rigidity D) high search costs
The poverty line is
A. never raised or lowered. B. raised or lowered every few years. C. raised every year. D. lowered every year.
If the costs of the training necessary to perform a job decrease, labor ________ shifts to the ________.
A. demand; left B. demand; right C. supply; left D. supply; right