Which of the following CANNOT be a source of comparative advantage?
A) Climate
B) Resource stock available
C) Education of workforce
D) Domestic prices of goods and services
D
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Which of the following is NOT a reason financial regulation and supervision is difficult in real life?
A) Financial institutions have strong incentives to avoid existing regulations. B) Unintended consequences may happen if details in the regulations are not precise. C) Regulated firms lobby politicians to lean on regulators to ease the rules. D) Financial institutions are not required to follow the rules.
Economists make assumptions because
a. they need to incorporate value judgments into their models. b. analysis without assumptions would be impossibly complex. c. they always have imperfect information about reality. d. assumptions are the final product of careful economic analysis. e. assumptions allow economists to ignore things that they cannot explain.