In terms of absolute dollar volume, the top 3 leaders in world exports are:
A. Japan, China, and the European Union.
B. the United States, England, and Canada.
C. Germany, England, and the United States.
D. China, Germany, and the United States.
D. China, Germany, and the United States.
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The degree of a factor's specificity is inversely related to
A) the mobility of the factor, with more mobile factors having less specificity. B) the amount of time required to redeploy the factor to a different industry. C) the cost of the factor as a proportion of the long-run total cost of production. D) technology differences between two countries, with a less advanced technology resulting in less factor specificity. E) factor quality, with lower quality factors having a lower level of specificity.
A tax imposed on the buyers of a good will
a. raise both the price buyers pay and the effective price sellers receive. b. raise the price buyers pay and lower the effective price sellers receive. c. lower the price buyers pay and raise the effective price sellers receive. d. lower both the price buyers pay and the effective price sellers receive.