The strongest political pressure for a trade policy that results in higher protectionism comes from
A) domestic workers lobbying for import restrictions.
B) domestic workers lobbying for export restrictions.
C) domestic workers lobbying for free trade.
D) domestic consumers lobbying for export restrictions.
E) domestic consumers lobbying for import restrictions.
A
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In the Bertrand model with homogeneous products,
A) the firm that sets the lower price will capture all of the market. B) the Nash equilibrium is the competitive outcome. C) both firms set price equal to marginal cost. D) all of the above E) the outcome is inconclusive.
International trade does all the following except
a. allow a country to specialize in producing certain goods and services b. reduce world output c. allow a country to move to a higher consumption possibilities frontier d. allow a country's consumption possibilities frontier to lie outside its production possibilities frontier e. increase world output
Which of the following is correct?
a. People whose nominal incomes rise faster than the rate of inflation gain purchasing power. b. Real income equals nominal income divided by the CPI as a decimal. c. The percentage change in real income equals the percentage change in nominal income minus the percentage change in CPI. d. All of these.
Mention the different aspects of specificity of an asset