Refer to the information provided in Figure 33.2 below to answer the question(s) that follow.
Figure 33.2Refer to Figure 33.2. the U.S. has
A. no comparative advantage in producing either cars or trucks.
B. a comparative advantage in producing trucks.
C. an absolute advantage in producing trucks.
D. a comparative advantage in producing cars.
Answer: D
You might also like to view...
In the above figure, a price floor of $4
A) leads to a shortage. B) leads to a surplus. C) has no effect. D) shifts the demand curve leftward.
Under a laissez-faire system,
A. government coordinates with firms to determine output and prices for goods and services. B. input-output analysis is used by planning agencies to determine output levels. C. the demand and supply process determines output and prices of goods and services. D. firms coordinate with each other to determine output and price levels for goods and services.
Globalization ________ the wages of workers in the exporting industries and ________ the wages of workers in the import-competing industries.
A. lowers; raises B. raises; does not change C. raises; raises D. raises; lowers
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.