Heartland and Soulland) The country with a comparative advantage in the production of drill presses is:
A) Heartland.
B) Soulland.
C) neither; they both use the same technology.
D) neither; they both use the same amount of resources.
Ans: B) Soulland.
Economics
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A perfectly competitive market is characterized by
A) high barriers to entry. B) firms that are price setters. C) firms facing a downward sloping demand curve. D) no restrictions on entry into the market.
Economics
________ is a problem that occurs when one concludes that a change in variable X caused a change in variable Y when in actual fact, it is a change in variable Y that caused a change in variable X
A) Reverse causality B) The positive-to-negative relationship C) Nonlinear slope D) The omitted variable
Economics