Tastes for products such as beer differ. As a result
A) consumers of beer have difficulty deciding what type of imported beer to buy.
B) the quality of imported beer is less than it could be.
C) we see countries specializing completely in the production of beer.
D) different countries may each have a comparative advantage in producing different types of beer.
D
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As of the end of 1994 the country in our survey with the smallest stock market in dollar terms was
A) the United States. B) the United Kingdom. C) Japan. D) Germany.
Financial intermediaries are able to exploit economies of scale since
A) the equipment or expertise necessary for one transaction can be applied to other transactions. B) they have special licenses needed to perform financial transactions. C) financial markets fail to do so. D) they can reduce transactions cost, but not information costs.