Which of the following is not considered to be a determinant of the price elasticity of demand for a particular good?
A) The number of available substitutes.
B) The cost of the good relative to total income.
C) The quantity of the good that is supplied to the market.
D) The time period under consideration.
C
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International trade benefits
A) only the exporter. B) only the importer. C) both the exporter and the importer. D) neither the exporter nor the importer. E) the exporter at all times and sometimes also the importer.
According to Prebisch and other ISI theoreticians, countries should begin to shift their comparative advantage away from primary commodity production by first producing
A) industrial goods such as pumps and generators. B) complex consumer goods such as autos and appliances. C) advanced industrial goods such as chemical and electronics. D) simple consumer goods such as food products and textiles. E) minerals and agricultural products.