A. The less mobile the country’s resources
B. The more mobile the country’s resources
C. The lower the country’s initial living standard
The higher the country’s initial living standard
A. Increased competition for world producers
B. A wider selection of products for consumers
C. The utilization of the most efficient production methods
D. Relatively high wages levels for all domestic workers
A. 5 percent
B. 10 percent
C. 25 percent
D. 55 percent
A. Canada
B. Germany
C. Mexico
D. United Kingdom
A. Maximizing domestic efficiency is not considered imports
B. Maximizing consumer welfare may not be a chief priority
C. There exist sound economic reasons for keeg one’s economy isolated from other economies
D. Economists tend to favor high protected domestic markets
A. Industries in which there are neither imports nor exports
B. Imports competing industries
C. Industries that sell to domestic and foreign buyers
D. Industries that sell to only foreign buyers
A. Allows private ownership of capital
B. Has flexible exchange rates
C. Has fixed exchange rates
D. conducts trade with other countries
A. Economies of large-scale production
B. The specializing country behaving as a monopoly
C. Smaller production runs resulting in lower unit costs
D. High wages paid to foreign workers
A. reschedule debt
B. get a loan from an international organization
C. default on the loan
D. any of the above
A. exports, subsidies
B. exports, patents
C. imports, high tariffs or import quotas
D. imports, subsidies