How might a nation expand its production possibilities?
A. By engaging in barter transactions to facilitate trade
B. By investing in new technology and business equipment
C. By engaging in direct production rather than roundabout production
D. By specializing in the production of a particular good
B. By investing in new technology and business equipment
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Productivity
a. is nearly the same across countries, and so provides no help explaining differences in the standard of living across countries. b. explains very little of the differences in the standard of living across countries. c. explains some, but not most of the differences in the standard of living across countries. d. explains most of the differences in the standard of living across countries.
Under which one of the following market structures are sellers most likely to consider the reaction of rival sellers when they set the price of their product?
A. Perfectly competition. B. Monopoly. C. Monopolistic competition. D. Oligopoly.