Assume, for Vietnam, that the domestic price of textiles without international trade is lower than the world price of textiles. This suggests that, in the production of textiles,
a. Vietnam has a comparative advantage over other countries and Vietnam will import textiles.
b. Vietnam has a comparative advantage over other countries and Vietnam will export textiles.
c. other countries have a comparative advantage over Vietnam and Vietnam will import textiles.
d. other countries have a comparative advantage over Vietnam and Vietnam will export textiles.
b
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At the point where diminishing marginal returns set in, the slope of the total product curve is
a. positive and increasing b. positive and decreasing c. negative and increasing d. negative and decreasing e. constant
The first phase of antitrust policy in the U.S. began with the passage of the Sherman Antitrust Act in 1890 . To judge a firm's action, the courts in this period used:
a. a per se rule. b. a rule of reason. c. a rule of thumb. d. rules of order. e. strict enforcement rule.