In a perfectly competitive market, at the market price, buyers
a. cannot buy all they want, and sellers cannot sell all they want.
b. cannot buy all they want, but sellers can sell all they want.
c. can buy all they want, but sellers cannot sell all they want.
d. can buy all they want, and sellers can sell all they want.
d
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International specialization allows a country to use its resources to
a. create jobs for government workers by expanding international foreign aid programs b. produce special goods such as computer software that require specific knowledge c. expand the development of its natural resources such as lumber, oil deposits, and coal d. produce specific goods, allowing other countries to focus on the production of other goods e. develop political ties through international cooperation and mutual sharing of goods
If India has an absolute advantage in rug production compared to England, then
a. India should export rugs to England b. England should export rugs to India c. England cannot benefit from free trade with India d. England uses fewer resources to produce rugs than India e. India uses fewer resources to produce rugs than England