A country or region has a comparative advantage when it can produce a good or service ______.
a. at a lower opportunity cost than others
b. at a faster pace than others
c. using fewer resources than others
d. that is of higher quality than others
a. at a lower opportunity cost than others
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If you observed the wage rate decreasing while employment increased, which of the following would be a possible explanation?
a. A decrease in labor demand b. A decrease in labor demand coupled with a decrease in labor supply c. An increase in labor supply d. A decrease in labor supply e. It is not possible for the wage rate to decrease while employment is increasing
When a tariff is removed from an imported product, which of the following will occur?
A. The demand curve for the imported product will shift to the right. B. The level of imports will fall. C. The supply curve for the imported product will shift to the left. D. The price paid by consumers will fall.