In 2011, the three largest economies in the world were (listed in order, from largest):
A. The U.S., China, Germany
B. China, the U.S., Japan
C. The U.S., China, Japan
D. China, the U.S., Germany
C. The U.S., China, Japan
Economics
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If production is subject to economies of scale,
a. countries can gain from trade if each nation specializes b. one country will develop an absolute advantage in the production of all goods c. higher output levels result in higher average production costs d. one country will develop a comparative advantage in the production of all goods e. countries cannot gain from trade
Economics
If a basket of goods costs $100 in 2015 and the price index rises by 4 percent every year, the same basket would cost _____ in 2020
a. $104 b. $100 c. $121.7 d. $200
Economics