Voluntary trade restrictions by foreign countries on their exports to the United States raise the price domestic consumers pay and also raise the price foreign consumers pay.
a. true
b. false
Answer: b. false
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Answer the following statements true (T) or false (F)
1. In imperfect product competition, the output price is fixed to the firm. 2. The demand curve for labor is more inelastic under competitive conditions than under imperfect competition. 3. The backward-bending portion of the labor supply curve shows the income effect dominating the substitution effect. 4. Unions cause a lowering of wages in the unionized labor market. 5. Unions cause the wages to be lower in the non unionized labor market. 6. Increased licensing requirements reduce the supply of labor. 7. Unemployment rates in Japan are the highest compared to other developed countries.
The $/€ bid rate is the:
a. Equal to the €/$ ask rate b. Inverse of €/$ bid rate c. Inverse of $/€ ask rate d. Equal to the $/€ ask rate e. Inverse of €/$ ask rate
Which of the following shows the accurate sequence for establishing a new equilibrium in this graph?
a. S1 moves to S2; P1 moves to P2; Q1 moves to Q2; E1 moves to E2
b. S1 moves to S2; E1 moves to E2; Q1 moves to Q2; P1 moves to P2
c. P1 moves to P2; S1 moves to S2; E1 moves to E2; Q1 moves to Q2
d. E1 moves to E2; P1 moves to P2; Q1 moves to Q2; S1 moves to S2
Can U.S. manufacturing job losses be attributed to the growth of manufacturing in China?
What will be an ideal response?