Output fell sharply in the transition economies because ?
A. banks were unable to function
B. there was little corporate control
C. vital infrastructure was missing
D. All of the above
LDCs often have a comparative advantage in the production of ?
A. primary products
B. intermediate products
C. manufactured products
D. financial services
A. an import subsidy
B. a quota
C. comparative advantage
D. an export subsidy
A tariff causes domestic firms to ________ and consumers to?
A. overproduce, under consume
B. Overproduce, overconsume
C. underproduce, under consume
D. underproduce, overconsume
The level of the equilibrium exchange rate offsets international differences in ?
A. comparative advantage
B. absolute advantage
C. opportunity cost
D. relative costs
International difference is opportunity costs lead to countries acquiring ?
A. Comparative advantage
B. High exchange rates
C. trade barriers
D. trade quotas