When the principle of comparative advantage is used to guide trade, then a country specializes in producing only
A) goods with the highest opportunity cost.
B) goods with the lowest opportunity costs.
C) goods for which production takes fewer worker-hour than another country.
D) goods for which production costs are more than average total costs.
Question 2
If the price elasticity of demand for gasoline is 0.8 and the price elasticity of demand for plane tickets is 2.2 then the demand for gasoline is ________ and the demand for plane tickets is ________.
A) elastic; inelastic
B) inelastic; elastic
C) elastic; elastic
D) inelastic; inelastic
French and U.S. presidential elections in 2012 illustrate the durability of political culture and ho
New Yorkers flee from the dust caused by the collapse of the twin towers of the World Trade Center f
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The price of rice in a small country is currently $6 per pound. In order to help low-income ...