The benefits of international trade include
a. more choice for consumers
b. efficiency gains from specialization
c. more competition
d. all of the above
e. (a) and (c) only
d. all of the above
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Of the following market structures, which is the most competitive?
A) perfect competition B) monopolistic competition C) monopoly D) oligopoly
Suppose that the price of lettuce used to produce tacos increases. This change means that the equilibrium price of a taco ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases E) does not change; decreases
Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.Recall the Application. If the organization in New Zealand was successful in getting the Olympics to include sheep shearing as a spectator sport, and this helped to raise the world price of wool, the quantity of wool supplied would ________ because the market supply curve for wool is ________ sloped.
A. increase; positively B. increase; negatively C. decrease; positively D. decrease; negatively
When the anticipated rate of inflation is 2 percent and the real rate of interest is 4 percent, the nominal rate of interest is
A) 0 percent. B) 1 percent. C) 2 percent. D) 6 percent.