In the example of Ireland described in the text, the country's production set shifted outward over time because:
a. of technological advancements which improved its potato cultivation and overall agricultural production.
b. it gained new resources over time which enabled it to specialize and gain comparative advantage in software trade with the U.S. and Europe.
c. of new resources which allowed it to gain absolute advantage over many of its trading partners.
d. of reduction in trade barriers with the European Union.
B
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What are the two largest sources of revenue for the average US state govt?
a. sales taxes and excise taxes b. corporate income taxes and property taxes c. property taxes and US import tariff revenues (taxes on imported goods) d. income taxes and sales taxes
If at the prevailing interest rate the quantity of money demanded is $2 trillion, and the supply of money is $1.5 trillion, then which of the following istrue?
a. There is a shortage of money, and consequently interest rates must fall in order to achieve an equilibrium in the money market. b. There is a surplus of money, and consequently interest rates must fall in order to achieve an equilibrium in the money market. c. There is shortage of money, and consequently interest rates must rise in order to achieve an equilibrium in the money market. d. There is a surplus of money, and consequently interest rates must rise in order to achieve an equilibrium in the money market.