A. actual differences in labor production between countries
B. relative differences in labor productivity between countries
C. Both (a) and (b)
D. Neither (a) nor (b)
A. Only countries with low wages will export
B. Only countries with high wages will import
C. Countries with high wages will have higher prices
D. All of the above are false
A. Countries will completely specialize in the production of export goods
B. Considerable trade will occur between countries with different levels of technology
C. Small countries could obtain of the gains from trade when trading with large countries
D. All of the above
A. Different currencies are an obstacle to international trade
B. Goods are more mobile internationally than are resources
C. Resources are more mobile internationally that are goods
D. A country’s exports should always exceed its imports
A. Trade would depend on difference in demand conditions
B. Trade would depend on economies of large-scale production
C. Trade would depend on the use of different currencies
D. There would be no basis for gainful trade
A. One DVD
B. Two DVDs
C. Three DVDs
D. Four DVDs
A. One-half ton of steel
B. One ton of steel
C. Two tons of steel
D. Two and one-half tons of steel
A. Export steel
B. Export DVDs
C. Exports steel and DVDs
D. There is no basis for gainful specialization and trade
A. One ton of steel
B. Two tons of steel
C. Three tons of steel
D. Four tons of steel
A. How do the poorest 2/3 of the world live?
B. What are the major theories of economic development
C. what factors affect labor skills in the third world?
D. All of the above are correct