Let's play Jeopardy. The answer is: Because more goods are produced at lower prices and no country loses. The question is:
a. Why do countries engage in dumping?
b. Why do countries retaliate?
c. Why do nations trade?
d. Why is comparative advantage preferred to absolute advantage?
e. Why is absolute advantage preferred to comparative advantage?
C
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The supply curve for stand up paddle boards
a. shifts when the price of stand up paddle boards changes because the price of stand up paddle boards is measured on the vertical axis of the graph. b. shifts when the price of stand up paddle boards changes because the quantity supplied of stand up paddle boards is measured on the horizontal axis of the graph. c. does not shift when the price of stand up paddle boards changes because the price of stand up paddle boards is measured on the vertical axis of the graph. d. does not shift when the price of stand up paddle boards changes because the price of stand up paddle boards is measured on the horizontal axis of the graph.
Which of the following is not a reason for international trade?
a. Differences in resource endowments b. Diseconomies of Scale c. Differences in tastes d. All of the above are reasons for international trade.