The ratio of the dollar price of a toy in the U.S. to the dollar price of a toy in China represents the ________ between the two currencies

Spencer and Brander's model highlights the existence of

A) aircraft industries. B) excess returns present in highly competitive markets. C) excess returns, or rents, available in non-competitive markets. D) the futility of government bureaucrats' attempts to build an airplane. E) natural advantages in foreign technology firms.

In a situation where an artist is selling his own work to the galleries, the principle is

a. The artist b. The gallery c. Both of the above d. None of the above