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  • A country engaging in trade according to the principles of comparative advantage gains from trade because it #181
  • Given the following information: Unit Labor Requirements Cloth Widgets Home 10 20 Foreign 60 30 #182
  • If it is ascertained that Foreign uses prison-slave labor to produce its exports, then home should #183
  • If the Home economy suffered a meltdown, and the Unit Labor Requirements in each of the products quadrupled (that is, doubled to 30 for cloth and 60 for widgets) then home should #184
  • In the World Trade Organization, most countries of the world negotiate on trade liberalization. Economic theory predicts welfare gains for every country that participates in the process of trade liberalization. However, in practice, some developing countries – mainly in Sub Saharan Africa - did not gain very much from the past rounds of trade liberalization. Why? #185
  • If wages were to double in Home, then Home should: #186
  • If the world equilibrium price of widgets were 4 Cloths, then #187
  • Which one of the following is not a cause of economic growth? #188
  • A movie actor is between jobs. Which one of the following types of unemployment is the movie actor experiencing? #189
  • Doza has a job which pays him £32 000 a year. He owns a car worth £25 000 and has £8000 savings in his bank account. His bank account pays interest at a rate of 1% per year. Doza’s annual income is #190
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