People who call for creating a "level playing field" believe that:
a. a country with relatively low wages is typically a country with an abundance of low-skilled labor.
b. trading on the basis of comparative advantage benefits both domestic and foreign firms.
c. creating a "level playing field" undermines the basis for specialization and economic efficiency.
d. production in accordance with comparative advantage is unfair.
e. free trade allocates the scarce resources in an efficient way.
d
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What does making decisions "at the margin" mean?
a. that people evaluate how easily a decision can be reversed if problems arise b. that people make those decisions that do not impose a marginal cost c. that people compare the marginal costs and marginal benefits of each decision d. that people always calculate the marginal dollar costs for each decision
Fiscal policy is impotent when the LM curve is
A) vertical. B) horizontal. C) downward-sloping. D) horizontal or downward-sloping.