Your roommate Hansen argues that American producers cannot compete with foreign producers because wages are lower in foreign countries than in the United States. Hansen
A) is incorrect. Free trade raises living standards by increasing economic efficiency.
B) is advancing the anti-dumping argument for protectionism.
C) is correct in arguing that the high wages of U.S. workers make it impossible to compete with workers in low-wage countries.
D) is right in asserting the need to protect high wages if the United States wishes to maintain its high standard of living.
A
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Cournot and Stackelberg oligopolies are similar in that they ________.
A) both compete on price B) both compete on marginal cost C) do not compete D) both compete on quantity
If an individual requires a bag full of cash to buy a pound of cake, then the currency is: a. not recognized as a medium of exchange. b. not performing well as a store of value. c. not performing as a unit of account
d. performing well as a commodity.
A new model of a racecar manufactured in Germany sells successfully in China. This will cause the:
a. euro to appreciate against the Chinese Yuan. b. euro to devaluate against the Chinese Yuan. c. Chinese Yuan to appreciate against the euro. d. Chinese Yuan to devaluate against the euro.
One of the keys to reducing poverty is
A. Increased population growth. B. The redistribution of existing incomes. C. Increased economic growth. D. Government control of resources.