A nation should only import those goods for which it has
a. lower opportunity costs than its trading partner
b. higher opportunity costs than its trading partner
c. zero transaction costs
d. lower costs of production than its trading partner
e. absolute advantage in production compared to its trading partner
B
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Even if two products have different characteristics, such as color, the products are only considered heterogeneous if consumers
A) consider the two products as perfect complements. B) consider the two products as perfect substitutes. C) consider the two products as imperfect substitutes. D) consider the two products as imperfect complements.
Which of the following is considered out of the labor force?
A) the unemployed B) those temporarily laid off who will soon be recalled C) those who worked full time, but in a family business D) those individuals who have started searching for employment for the first time E) none of the above