Who is likely to be in favor of a country that would be a net-exporter if it moved from autarky to free trade?
A. Foreign governments.
B. Domestic producers
C. Domestic consumers
D. Foreign producers
Answer: B
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Which of the following would violate transitivity?
a. Vanessa likes A more than B, C more than B, and C more than A. b. Jay likes C more than B, A more than B, B more than D, and C more than D. c. Maddy likes C more than A, B more than D, A more than B, and D more than C. d. Victoria likes C more than B, C more than D, and B more than D.
When foreigners come to the United States as tourists, they are generating a
A. Supply of U.S. dollars and a supply of a foreign currency. B. Supply of U.S. dollars and a demand for a foreign currency. C. Demand for U.S. dollars and a supply of a foreign currency. D. Demand for U.S. dollars and a demand for a foreign currency.
By the completeness property, if neither A > B nor B > A hold, then:
A. the consumer is indifferent between A and B. B. the consumer prefers bundle A. C. the consumer prefers bundle B. D. None of the statements is correct.
A firm that is a monopolist in the output market and a monopsonist in the input market
A) will hire the same amount of labor as if perfect competition prevailed in both markets, but pay a lower wage. B) will restrict the level of output but not that of employment compared to the perfectly competitive case. C) will hire less labor but pay the same wage compared to the perfectly competitive case. D) will hire less labor and pay a lower wage compared to the perfectly competitive case.