If a country began exporting product A and importing product B, then, as compared to the autarky (no-trade) situation, the marginal cost of product A will
举一反三
- When a nation requires fewer resources than another nation to produce a product, the nation is said to have a(n): A: Absolute advantage in the production of the product B: Comparative advantage in the production of the product C: Lower marginal rate of transformation for the product D: Lower opportunity cost of producing the product
- A competitive,<br/>profit-maximizing firm hires workers up to the point where<br/>the__________ A: marginal<br/>product equals zero. B: marginal<br/>revenue product equals zero. C: marginal<br/>product equals the nominal<br/>wage. D: value<br/>of the marginal product equals the wage.
- In a two product two country world, international trade can lead to increases in
- _______________ is when a country or company exports a product at a price that is lower in the foreign importing market than the price in the exporter's domestic market. A: trade barrier B: dumping C: tariff D: open border
- An import tariff will cause the terms of trade of the ________ country to ________ and will ________ the country.? importing; improve; harm|importing; improve; benefit|exporting; improve; harm|exporting; improve; benefit