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☆☆☆☆☆Cards in this guide (9)
Example of absolute advantage
A country has an absolute advantage over another in producing a commodity if it can produce that commodity using fewer resources than the other country. Example, country A can produce widget using one unit of labor, country B can produce one widget using two units of labor, then country A has an absolute advantage over country B in producing widgets.
Which of the following can the Fed accomplish by raising or lowering the required reserve ratio
Increase or decrease the money supply
What does the enforcement of antitrust laws do
Speeds up the flow of capital and wages
Which of these is an important factor promoting increased international trade
The reduction of trade barriers
Describes the most likely effect of the fed buying millions of dollars in t-bonds
an increase in the money supply
An increase in the money supply
What is required for specialization to take place
A Division of labor
Why the government might enact a price ceiling in order to accomplish what
The government might enact a price ceiling in order to protect the poor.
Increasing specialization within the global economy depends in what
International trade
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What effect do consumer - protection regulations have on the circular flow of the free market system
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