Question 41

We found in our Ricardian lecture that the pattern of trade between countries was determined by _______ and the determination of wages between countries was determined by ______

a) absolute advantage; comparative advantage

b) absolute advantage; full employment

c)comparative advantage; absolute advantage

d) full employment; comparative advantage

Question 42

The S-F model says that the impact of trade for laborers (workers) "depends on where they soend the majority of their incomes, while the He lectures focused on the LR and the abundance ( or lack there of) of factors

a) true

b) false

Question 43

In our analysis of comparing the monopolist operating in the small, Home country to the PC firm, which of the following attributes were specific to the PC situation?

a) it faces the entire market demand curve for its product

b) the MR is below the price

c) MR = P

d) it generates a curved TR curve in the diagram to show profit maximization