If a Country Produces Only Two Goods, It Is Possible

question 161

True/False

If a country produces only two goods, it is possible to have a comparative advantage in the production of both those goods.

Identify the effects of minimum wage laws on employment and unemployment.

Explain the consequences of surplus and shortage caused by price controls.

Describe how price controls affect consumer welfare and market efficiency.

Understand the rationales behind imposing and removing price controls.

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Definitions:

Salivation

The secretion and discharge of saliva, often triggered by the anticipation of food or by the smell or taste of food.

Conditioned Response

A response acquired through conditioning to a stimulus that was once neutral but has become linked with an unconditioned stimulus.

Telephone Ring

The sound made by a telephone to signal an incoming call.

Promotional Calls

Telephone calls made to potential or existing customers to promote or sell goods and services.