In 2011, Finland had a GDP of $195 billion and a per capita GDP of $36,000. Life expectancy was about 79 years. Which of these additional factors would most support the conclusion that Finland has a developed rather than an emerging economy?
[removed] Finland has a low population density.
[removed] Finland has a free-market economy.
[removed] Finland exports more than it imports.
[removed] Finland’s unemployment rate is 9.6 percent.
Kelen wants to open a toy store. He buys the leftover stock of a store going out of business. He opens the boxes and counts the toys. There are 10 Nnedi action figures, 25 Ramez action figures, and 60 Slimeball action figures. Based on the graph, how should he set his prices?
[removed] Kelen should start with the same price for all action figures.
[removed] Nnedi action figures should be $10, Ramez $35, and Slimeball $50.
[removed] Nnedi action figures should be $42, Ramez $30, and Slimeball $10.
[removed] Nnedi action figures should be $60, Ramez $35, and Slimeball $1.
Opponents of free trade zones might use this map to argue that free trade
[removed] encourages conflict among market and command economies
[removed] leads to greater mobility among populations
[removed] organizes nations into regional exclusionary blocs
[removed] redraws traditional geographic boundaries
[removed] The shop would decrease the brake-check price to eliminate scarcity.
[removed] The shop would increase worker pay to make up for the opportunity cost of not doing brake checks.
[removed] The shop would shift production to oil changes and away from brake checks.
[removed] The shop would shift production to brake checks and away from oil changes.
Given the data in the chart, which two countries enjoy an absolute advantage in oil production over the United States?
[removed] Canada and Venezuela
[removed] Russia and Canada
[removed] Saudi Arabia and Venezuela
[removed] Russia and Saudi Arabia
Adam Smith’s quotation would most likely be used to defend which of the following policies?
[removed] Higher taxation of corporate profits
[removed] Less stringent regulation of commerce
[removed] More subsidies for farmers
[removed] Stricter restrictions against monopolies
Which of these businesses are in monopolistic competition?
[removed] Two clothing shops, one selling women’s clothing and the other selling kids’ clothing
[removed] Two agricultural producers, each selling a variety of kinds of citrus fruit
[removed] Two pet stores, one of which sells dog products and the other of which sells bird products
[removed] Two phone providers, each offering benefits to customers who switch to its service
Given the data in the chart above, which of the following statements is true?
[removed] France has a comparative advantage in olive oil production.
[removed] Greece has an absolute advantage in wine and olive oil production.
[removed] Greece has a comparative advantage in wine production.
[removed] Italy has an absolute advantage in wine and olive oil production.