One reason for international specialization in production is
a. a high tariff imposed by a national government
b. a low tariff imposed by a national government
c. diminishing returns to a variable factor of production
d. the different resource endowments throughout the world
e. high fixed costs of production
D
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The popularity of digital cameras has enticed large discount stores like Wal-Mart and Costco to offer digital photo printing services. How does this affect the digital photo printing market?
A) The demand curve for digital photo printing services shifts to the left. B) The supply curve for digital photo printing services shifts to the right. C) The supply curve for digital photo printing services shifts to the left. D) The demand curve for digital photo printing services shifts to the right.
Which is NOT a potential cost faced by nations that choose against repaying their debts?
A. A loss of foreign assets B. Domestic recession C. Moral hazard D. A loss of future creditworthiness