Compared with constant cost production, if production occurs under increasing cost conditions, it is MORE likely that countries will:
a. completely specialize.
b. incompletely specialize.
c. not engage in international trade.
d. trade with one another.
Ans: b. incompletely specialize.
Economics
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The emerging market economies are
A) the nations with the highest standards of living. B) most of the nations of Western Europe. C) in transition from state-owned production to free markets. D) the largest grouping including the nations of China and India. E) the nations that are currently agricultural in nature.
Economics
As the demand for corn increases to provide input for ethanol production, what is expected to happen to the price elasticity of corn supply?
A) It will decrease. B) It will become zero. C) It will increase. D) It will not change.
Economics