Which of the following statements about gold jewelry and round-trip bus tickets to Bismarck, North Dakota, is most likely to be correct?
a. They are both inferior goods.
b. Their demand curves probably are quite similar.
c. They are complements.
d. They are substitutes.
e. They are unrelated.
E
Economics
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The HeckscherOhlin model assumes that technology in each industry:
a. Is the same in each nation—each firm has access to the most profitable technology. b. has increasing returns so that one nation will be able to gain a comparative advantage by developing new technology. c. is very different across the world—some nations have access to technology, whereas others do not. d. is hard to access because R&D is very expensive especially for lowincome nations.
Economics
Why do people hold money in the classical model?
What will be an ideal response?
Economics