When a Nation Achieves Autarky Equilibrium

question 6

Multiple Choice

When a nation achieves autarky equilibrium:

• A) Input price equals final product price
• B) Labor productivity equals the wage rate
• C) Imports equal exports
• D) Production equals consumption

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Definitions:

Productive

Describes a state or quality of being able to produce a significant amount of output within a given period of time.

Statistical Discrimination

A form of discrimination that occurs when decisions are made based on statistical averages or generalizations about groups, rather than on individual merits.

Individual Members

Refers to single persons or entities that are part of a larger group or organization.

Group Characteristics

The properties or attributes that define and distinguish a specific group from others.