If the world price is above the domestic "no-trade" equilibrium price, then with international trade, the shortage caused in the domestic market can be met by foreign imports
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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What is product differentiation? What market structure is characterized by product differentiation?
What will be an ideal response?
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If consumption spending is the only variable of aggregate expenditure dependent on income, the multiplier is MPC/(1 - MPC)
a. True b. False Indicate whether the statement is true or false
Economics
In the market for oil in the short run, demand
a. and supply are both elastic. b. and supply are both inelastic. c. is elastic and supply is inelastic. d. is inelastic and supply is elastic.
Economics
Import tariffs are ___________ on imports, and import quotas are ____________ on imports.
a. subsidies; taxes b. limits; subsidies c. taxes; limits d. limits; taxes
Economics