Refer to Table 7-6. Which country has an absolute advantage in producing swords?
A) Estonia B) Morocco C) both countries D) neither country
A
You might also like to view...
A barber shop produces 192 haircuts a day. Each barber in the shop works 8 hours per day and produces the same number of haircuts per hour. If the shop's productivity is 2 haircuts per hour of labor, then how many barbers does the shop employ?
a. 8 b. 12 c. 16 d. None of the above is correct.
Real GDP is most commonly used to monitor short-run changes in
a) economic activity. b) the rate at which a person can trade the currency of one country for the currency of another. c) the income distribution over time. d) the price index from the preceding period.
In a flexible exchange rate system, which of the following would NOT cause the U.S. dollar to depreciate relative to the British pound?
A) a decrease in demand for British goods in the United States B) an increase in demand for British goods in the United States C) a decrease in British demand for U.S. exports D) a shift to the left in the supply of British goods to the United States
What are economies of scale and diseconomies of scale? How do they arise? What do they imply for the shape of the LRAC curve?
What will be an ideal response?