If the domestic consumers of a good benefit from free trade, it suggests that the country:
A. is a net exporter of that good.
B. is not able to produce that good.
C. is a net importer of that good.
D. has a comparative advantage in that good.
Answer: C
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Has not been successful in reducing poverty among elderly Americans.
Answer the following statement(s) true (T) or false (F)
A natural monopoly that is regulated to set its price equal to its marginal cost
A) incurs an economic loss. B) makes zero economic profit. C) makes an economic profit. D) creates the maximum deadweight loss.
The long-run supply curve in a competitive market is upward sloping
Indicate whether the statement is true or false
You write a check to your landlord to pay the rent on your apartment. To your landlord, your check represents a. a claim to goods and services in the future. b. a good with intrinsic value
c. a double coincidence of wants. d. a good with immediate value.