Author Question: It seems self evident that countries would have an advantage in producing those goods that use ... (Read 75 times)

cool · **on:** Jun 30, 2018

It seems self evident that countries would have an advantage in producing those goods that use relatively large amounts of their most abundant factor of production.
a. True
b. False
Indicate whether the statement is true or false

Question 2

The United States is the world's leading grain-producing nation. Exporting grain causes the:
a. domestic consumption of grain to rise because of the added foreign demand.
b. price of grain in the domestic market to fall because foreigners are now taking some of the domestic demand.
c. price of grain to domestic consumers to rise because of the added foreign demand.
d. standard of living of foreigners to fall because of the lost purchasing power.