Refer to Table 3-40. Italy should specialize in the production of
a. boats and import cars
b. cars and import boats
c. both goods and imports neither good
d. neither good and import both goods
Answer: a. boats and import cars
Economics
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In monopolistic competition there are ________ barriers to entry, so therefore in the long run, economic profit ________
A) no; is substantial B) no; equals zero C) many; equals zero D) many; is substantial E) many; might be earned depending on the degree of product differentiation
Economics
The above figure shows the U.S. market for replacement cell phone batteries. The U.S. government collects tariff revenue of ________ on each battery imported
A) $4 B) $14 C) $12 D) $6 E) $2
Economics