For which situation would we expect the adjustment speed to be the fastest?
A) The demand for surgeons increases.
B) A large increase in birth rates leads to an increase in elementary school teachers.
C) The demand for movie videos increases.
D) The demand for office space in downtown Chicago increases.
C
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A nation's comparative advantage
a. can almost always be traced to its natural resources b. is often based on its natural resources c. is often based on barriers to international trade d. is reflected in the shape of its demand curve for imported goods e. is a result of increasing marginal returns
In the modern world, many developing countries have agricultural economies where the amount of land and other resources is limited. Under these circumstances, rapid population growth ______.
a. should lead to steady economic growth b. leads to innovation and higher standards of living c. threatens sustained economic growth d. discourages nations from adopting free trade