Suppose rice can be produced in country X at a lower cost than in country Y, while tuna can be produced in country Y at a lower cost than in country X. International competition will:
a. destroy the rice market in both countries.
b. drive X to specialize in rice and Y to specialize in tuna.
c. drive Y to specialize in rice and X to specialize in tuna.
d. cause both X and Y to reject international specialization.
e. result in lower total output of rice and tuna.
Question 2
The classical economists argued that the production of goods and services (supply) generates an equal amount of total income and, in turn, total spending. This theory is called:
a. Keynes' General Theory.
b. Say's Law.
c. the animal spirits theory.
d. the law of autonomous consumption.
Fallow deer at Avon Valley Country Park, Bristol, England
Tuna Tracking
Texaco, which produced this poster, used a racist caricature to discourage absenteeism among ...
Stand in a doorway and hook your fingertips on both sides about chest level or lower.
How do you set yourself apart in a country so rich that of its 4.6 million people, 79,000 are ...
Basic sliding effleurage to the lower leg. Apply from heel of foot to knee. Conform hands to contour ...