Nations specialize when they _____.
(A) Produce certain goods and services more efficiently than other nations.
(B) Export more than they import.
(C) Have few natural resources and are required to endure a trade deficit.
(D) Import more than they export.
Ans: (A) Produce certain goods and services more efficiently than other nations.
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For an individual, opportunity costs
a. decrease as consumption increases. b. include only the monetary costs of goods and services. c. reflect resource scarcity. d. reflect the fact that wants are unlimited. e. reflect the fundamental assumption that "more is better."
A tariff is imposed on strawberries. The tariff will ___________ the price of strawberries in the domestic market, _____________ the quantity of strawberries imported in the domestic market, and ____________ consumers' surplus
A) raise; lower; lower B) lower; raise; lower C) raise; lower; raise D) lower; lower; raise