Ricardo's model of comparative advantage assumed all of the following except:
A. In each nation, labor is the only input
B. Costs do not vary with the level of production
C. Rerfect competition prevails in all markets
D. Transportation costs rise as distance increases between countries
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Ricardo's model of comparative advantage assumed all of the following except:
A. Trade is balanced, thus ruling out flows of money between nations
B. Firms make production decisions in an attempt to maximize profits
C. Free trade occurs between nations
D. Labor is immobile within a country, but is incapable of moving between countries
The dynamic gains from trade include all of the following except:
A. Economies of large-scale production resulting in decreasing unit cost
B. Increased saving and investment resulting in economic growth
C. Increased competition resulting in lower prices and wider range of output
D. Increasing comparative advantage leading to specialization
All of the following may be exit barriers except
A. Employee health benefit costs
B. Treatment, storage and disposal costs
C. Penalties for terminating contracts with raw material supplies
D. Increasing opportunity cost of production
Incomplete specialization may be caused by
A. Increasing opportunity cost
B. Unrestricted trade
Constant opportunity cost
Decreasing opportunitybcost
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