With no international trade, the U.S. price of wheat is lower than the world price of wheat
This indicates that the United States ________ a comparative advantage in the production of wheat and with international trade, the United States will ________ wheat. A) has; export
B) has; not trade
C) has; import
D) does not have; export
E) might have; export
A
Economics
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The law of diminishing marginal productivity states that
a. As you expand output, your marginal productivity eventually increases b. As you expand output, your marginal productivity eventually declines c. As you expand output, the total product eventually increases d. None of the above
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A price ceiling will be binding only if it is set
a. equal to the equilibrium price. b. above the equilibrium price. c. below the equilibrium price. d. either above or below the equilibrium price.
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