The production possibilities curve depicts the combinations of two goods that can be
a. viewed as creating international specialization, one country producing one good, the other a second good
b. produced with a given level of technology and set of resources
c. consumed with a given quantity of resources and level of technology
d. produced with varying levels of unemployment of resources
e. produced with varying levels of unemployment and underemployment of resources
B
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If countries have similar factor endowments and productivities, their trade is likely to be interindustry
Indicate whether the statement is true or false
The company that manufactures Screaming Chocolate Zonkers breakfast cereal finds that its sales collapse, it is forced into bankruptcy, and it defaults on its bonds, as a result of information on the filthy conditions in its factory, which had long
been known to management, leaking out to the general public. This incident is best thought of as an example of A) symmetric information in the financial markets. B) asymmetric information in the financial markets. C) moral hazard in the financial markets. D) the generally poor state of sanitation in the food-processing industry in the United States.