Specialization allows for
A. more consumption for the trading partner with the comparative advantage.
B. equal consumption among trading partners.
C. more consumption for the trading partner with the absolute advantage.
D. more consumption for all trading partners.
Answer: D
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On the graph above, the constant value 1.43 is ________
A) the productivity of labor devoted to research and development B) the logarithmic scale C) the amplification effect of improving technology D) the initial level of technology
In response to a shortage caused by the imposition of a binding price ceiling on a market,
a. price will no longer be the mechanism that rations scarce resources. b. long lines of buyers may develop. c. sellers could ration the good or service according to their own personal biases. d. All of the above are correct.