The recession of 2007-2009 would most likely be represented in a production possibilities frontier graph by
A) a point inside the frontier.
B) a point outside the frontier.
C) a point on the frontier.
D) an intercept on either the vertical or the horizontal axis.
Answer: A
Economics
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The ability of an individual, firm, or country to produce more of a certain good than other competing producers, given the same amount of resources, is referred to as:
A) marginal advantage. B) comparative disadvantage. C) absolute advantage. D) perfect advantage.
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Strategic trade policy might work if
A) trade decisions are made simultaneously by two countries. B) trade decisions are made sequentially by two countries. C) trade decisions entail response by a trading partner. D) trade decisions are made in a random fashion.
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