The basis for free trade is the concept of
A) absolute advantage.
B) differences in natural resources and climate.
C) differences in nominal wages.
D) comparative advantage.
D
Economics
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The labor supply curve is:
A) horizontal. B) downward sloping. C) vertical. D) upward sloping.
Economics
A black market for housing exists because of a rent ceiling. The rent for housing in the black market is
A) the same as the equilibrium rent. B) lower than the ceiling rent. C) somewhere between the ceiling rent and the maximum rent a tenant is willing to pay. D) somewhere between zero and the equilibrium rent. E) not defined because the market is not legal.
Economics