Suppose that the demand for corn is price inelastic. If a technological advance makes corn farms more productive, the equilibrium price of corn will ________ and the farmers' total revenue will ________

Refer to Figure 18.1. ________ has a comparative disadvantage in bicycles and ________ has a comparative disadvantage in hang gliders

A) Canada; the United States B) The United States; Canada C) Canada; Canada D) The United States; the United States

Your text mentions several ways that international trade flows are qualitatively different than they were a century ago. Which of the following is NOT one of those ways?

A) Firms' investment spending on capital goods is more important than in the past. B) International trade in raw commodities and agricultural products is more important than it was in the past. C) It is possible to trade some types of services in a way that was not possible in the past. D) Multinational corporations play a bigger role in production than they did in the past.