Physical capital differences across countries can be seen in the fact that
A) more advanced economies typically have more sophisticated technology.
B) the iPhone's components are produced in 30 countries.
C) furniture factories in China use machines like those in North Carolina.
D) students in India study the same subjects as those in the United States.
E) advanced economies produce 53 percent of the world's income.
A
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A rich nation will trade with a poor nation because the
A) poor nation has the absolute advantage in producing all products. B) poor nation has the comparative advantage in producing a product. C) rich nation has the comparative advantage in producing all products. D) rich nation has the absolute advantage in producing all products.
When two variables move in opposite directions, the curve relating them is
a. upward sloping, and we say the variables are positively related. b. upward sloping, and we say the variables are negatively related. c. downward sloping, and we say the variables are positively related. d. downward sloping, and we say the variables are negatively related.