Interindustry trade refers to
A) international trade of products made within the same industry.
B) domestic trade of products made within the same industry.
C) international trade of products made across different industries.
D) the exchange of similar items that are differentiated.
E) None of the above.
C
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Assume x and y are the only two goods a person consumes. If after a rise in pX the quantity demanded of y increases, one could say:
a. the income effect dominates the substitution effect. b. the substitution effect dominates the income effect. c. it is still impossible to determine whether the substitution or income effect dominates. d. none of the answers is correct.
People are willing to pay more for a diamond than for a bottle of water because
a. the marginal cost of producing an extra diamond far exceeds the marginal cost of producing an extra bottle of water. b. the marginal benefit of an extra diamond far exceeds the marginal benefit of an extra bottle of water. c. producers of diamonds have a much greater ability to manipulate diamond prices than producers of water have to manipulate water prices. d. water prices are held artificially low by governments, since water is necessary for life.