The Chinese, like the Japanese before them, have insisted on licensing agreements and large-scale transfer of technology as the price to agreeing to accept imports. But the Chinese have taken this process one step further by ______________________________________.
Fill in the blank(s) with the appropriate word(s).
producing pirate versions of American products
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An official measure of money in the United States is M1, which includes the sum of
A) checkable deposits plus small time deposits. B) currency plus checkable deposits. C) currency plus credit card transactions. D) currency plus traveler's checks plus time deposits. E) currency plus traveler's checks plus checkable deposits plus small time deposits plus money market funds and other deposits.
Examples of comparative advantage often begin with two countries that each produce the same two goods
Each country is then shown to have a comparative advantage in producing the good it can produce at a lower opportunity cost, and specializes in the production of the good for which it has a comparative advantage. How do these examples prove that both nations are made better off as a result of trade than they would be without trade?