The 1987 study by Bowen, Leamer and Sveikauskas
A) supported the validity of the Leontief Paradox.
B) supported the validity of the Heckscher-Ohlin model.
C) used a two-country and two-product framework.
D) demonstrated that in fact countries tend to use different technologies.
E) proved that the U.S.'s comparative advantage relied on skilled labor.
A
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Each member of OPEC can increase its income by selling more oil than its output quota because
A) by selling more at OPEC's cartel price, a member will automatically earn more income. B) each member's demand is more elastic than the total demand for oil. C) the demand for oil is inelastic so total revenue increases. D) the demand for oil is perfectly elastic.
If Jet Cruises chooses to No Ad and Easy Sail then chooses to Ad, Jet Cruises earns ________ million in net profit and Easy Sail earns ________ million.
Jet Cruises wants to prevent Easy Sail from entering the sailboat market. The above game tree illustrates the different strategies and corresponding payoffs for the two firms. Both Jet Cruises and Easy Sail have the same strategies of advertising (Ad) or not advertising (No Ad). The payoffs represent net profit in millions.
A) $4; $3 B) $2; $4 C) $5; $2 D) $10; $2