International trade is based on the notion that:
A. Different currencies are an obstacle to International trade
B. Goods are more mobile Internationally than are resources
C. Resources are more mobile Internationally than are goods
D. A country's exports should always exceed its imports
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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
When a nation is in autarky and maximizes its living standard, its consumption and production points are:
Along the production possibilities schedule
B. Above the production possibilities schedule
C. Beneath the production possibilities schedule
D. Any of the above
If Canada experiences increasing opportunity costs, its supply schedule of steel will be:
A. Downward-sloping
B. Upward-sloping
C. Horizontal
D. Vertical
If Canada experiences constant opportunity costs, its supply schedule of steel will be:
A. downward-sloping.
B. upward-sloping.
C. horizontal.
D. vertical.
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