Why is it impossible that all industries in a developing country qualify as infant industries?
(a) You cannot have a comparative advantage in everything.
(b) You cannot have an absolute advantage in everything.
(c) This would violate international law.
(d) This would reduce the terms of trade.
A
Economics
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Moving along the production possibilities frontier itself illustrates
A) the existence of tradeoffs. B) the existence of unemployment of some factors of production. C) the benefits of free lunches. D) how free lunches can be exploited through trade. E) how tradeoffs need not occur if the economy is efficient.
Economics
If 6 workers can wash 42 cars a day and 7 workers can wash 50 cars a day, then the marginal product of the 7th worker equals
A) 7.1 cars a day. B) 7 cars a day. C) 42 cars a day. D) 50 cars a day. E) 8 cars a day.
Economics