The two most important actors of the economy are:
A. firms and -capital.
B. exports and imports.
C. households and firms.
D. land and capital.
Answer: C
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If Japan has a comparative advantage over Canada in the production of computers, which of the following must be true?
a. Supply of unskilled labor in Japan is higher than that in Canada. b. Japan incurs a lower input cost in the production of computers. c. Japan incurs a higher input cost in the production of computers. d. Japan has a lower opportunity cost in the production of computers. e. Japan has a higher opportunity cost in the production of computers.
While it is possible to erect barriers to foreign competition and save domestic jobs, restricting international trade may impose large costs on an economy
a. True b. False Indicate whether the statement is true or false