If India has an absolute advantage in rug production when compared to England, then:
a. India should export rugs to England.
b. England should export rugs to India.
c. international trade should not occur.
d. England uses fewer resources to produce rugs than India.
e. India uses fewer resources to produce rugs than England.
e
Economics
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A balance of payments crises under fixed exchange rates occurs when
A) a country runs out of foreign reserves. B) a country is in a liquidity trap. C) exports and imports expand beyond some point. D) marginal returns on foreign exchange investments approach zero. E) forward currency markets undergo high volatility.
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A business enterprise that allows the hiring of nonunion members conditional on their joining the union is
A) a closed shop. B) a union shop. C) a jurisdictional dispute. D) an industrial union.
Economics