England can benefit from trade
a. only with nations that can produce goods England cannot produce.
b. only with less developed nations.
c. only with nations outside of Europe.
d. with any nation.
d
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The Keynesian demand for real balances can be expressed as
A) Md = f(i,Y). B) Md/P = f(i). C) Md/P = f(Y). D) Md/P = f(i,Y).
A market
A. may be an organized exchange. B. refers to a set of sellers and buyers whose actions affect a commodity’s price. C. is that area in which buyers and sellers compete to affect a product’s price. D. All of the responses are correct.
When the level of insurance premiums that someone pays is equal to the amount that an average person in that risk group would collect in insurance payments, the level of insurance is said to be:
a. risk-balanced. b. successful. c. actuarially fair. d. at the threshold of risk.
A rational decisionmaker takes an action if and only if
a. the marginal benefit of the action exceeds the marginal cost of the action. b. the marginal cost of the action exceeds the marginal benefit of the action. c. the marginal cost of the action is zero. d. the opportunity cost of the action is zero.