Which of the following groups has an interest in encouraging free trade?
A. Workers in export industries.
B. Producers in import-competing industries.
C. Neither workers nor producers in any industry are in favor of trade.
D. Workers in import-competing industries.
Answer: A
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What is the value of marginal profit at the profit-maximizing output?
Tanesha sells homemade candles over the Internet. Her annual revenue is $64,000 per year, the explicit costs of her business are $17,000, and the opportunity costs of her business are $22,000. What is her economic profit?
A) $17,000 B) $25,000 C) $42,000 D) $47,000
The Coase Theorem was significant in economics due to its recognition of the irrelevance of property rights in establishing the motivation for economic transactions in markets
Indicate whether the statement is true or false
Figure 10.7 A Reduction in the Proportional Tax Rate
What will be an ideal response?