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.
Generally, the total tax burden in the United States is much lower than that of other industrialize
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