The Coase theorem holds well in situations where information and transaction costs are substantial
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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The United States is one of the richest nations in the world,
A) so it does not need to trade with poor nations in order to achieve any gains from trade. B) so it might not have a comparative advantage in producing any goods. C) but it can still benefit from specialization and trade. D) so it must have a comparative advantage in the production of all goods. E) so it must have an absolute advantage in the production of all goods.
Economics
The law of supply implies that
A. Supply curves are downward-sloping to the right. B. Supply curves are flat. C. A change in a determinant of demand shifts the supply curve. D. Supply curves are upward-sloping to the right.
Economics