Economists view the fact that Florida grows oranges, Texas pumps oil, and California makes wine as
a. confirmation of the virtues of free trade.
b. confirmation of the infant-industry argument.
c. confirmation that free trade agreements are not necessary.
d. confirmation that specialization in absolute advantage works.
a
Economics
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Refer to the above figure. A minimum wage has been set at WM. The amount of unemployment is
A) zero. B) at Qe. C) QS minus QD. D) not computable from the information given.
Economics
Total revenue is:
a) The profit a company earns from the sales of goods. b) Equal to revenues minus the costs of production. c) The price of a product times the quantity sold in a given time period. d) The additional revenue earned from the sale of one more unit.
Economics