Refer to the information provided in Figure 20.2 below to answer the question(s) that follow.
Figure 20.2Refer to Figure 20.2. The theory of comparative advantage suggests that
A. the United States should export both trucks and cars.
B. England should import trucks and export cars.
C. England should export both trucks and cars.
D. the United States should export cars and import trucks.
Answer: D
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An individual firm in a competitive labor market faces a(n):
a. horizontal labor supply curve. b. backward-bending labor supply curve. c. downward-sloping labor supply curve. d. upward-sloping labor supply curve. e. vertical labor supply curve.
For an economy as a whole, income must exceed expenditure
a. True b. False Indicate whether the statement is true or false
Over a period of time, a nation's GDP increases by 3 percent at constant prices and by 5 percent at current prices. Other things being equal, the price level changed by about:
a. 2 percent b. 3 percent c. 8 percent d. 5 percent
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.