Two parties can capture gains from specialization and trade whenever:
a. One party is twice as good as producing all goods as the other
b. The opportunity costs of producing each good are the same for both parties.
c. Both parties can produce equal amounts of both goods.
d. None of the above are true.
d
Economics
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Figure 17-9
Refer to . The imposition of a tariff on carnations
a.
increases the number of carnations imported by 100.
b.
increases the number of carnations imported by 200.
c.
decreases the number of carnations imported by 200.
d.
decreases the number of carnations imported by 400.
Economics
If crop dusting on your farm causes your neighbors to have sore throats, then crop dusting is creating
A. external costs. B. only explicit costs. C. internal costs. D. opportunity costs.
Economics