Basic Economic Concepts
Which government action is most appropriate when trying to enhance social welfare through addressing an under-provisioned common resource like clean air?
In the context of international trade, if Country X has a comparative advantage in producing wheat over country Y, which of the following scenarios is likely to occur?
What is a trade-off in economic terms?
In dealing with negative externalities from common resources such as fisheries, what policy is most likely to succeed in promoting sustainable use?
If technological advancements allow one country's productivity in good X production to double while maintaining its productivity levels in good Y constant, how does this change its terms-of-trade ratio when exchanging good X for good Y?
If Country A can produce 10 units of food or 5 units of clothing per hour and Country B can produce 6 units of food or 2 units of clothing per hour, which country has the comparative advantage in clothing production?
When there exists significant Economies Scale long-run under oligopolistic conditions, likely result be:
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When an economy is at full employment and decides to trade based on its comparative advantage, what could be an unintended consequence?
A shift in consumer tastes away from a good will most immediately cause what effect on that good's market equilibrium?
When a tariff is imposed on imports, what is an unintended consequence that may arise affecting domestic economic welfare?