Suppose a country with a large domestic textile industry removed all tariffs on imported textiles, we would expect domestic:
a. textile prices to decline. b. textile production to increase.
c. textile employment to increase. d. textile prices to rise.
a
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Georgine buys more sweaters when her income increases. For Georgine, sweaters are
A) a substitute. B) a complement. C) an inferior good. D) a normal good.
A consumer is maximizing her utility with a particular money income when:
A. the total utility derived from each product consumed is the same. B. MU a /P a = MU b /P b = MU c /P c = . . . = MU n /P n . C. MU a = MU b = MU c = . . . = MU n . D. P a = P b = P c = . . . = P
The establishment of the NAFTA agreement
A. was supported by most economists and people in the business community. B. has led to the loss of millions of U.S. jobs to Mexico. C. has more economic integration than the European Union. D. eliminated all internal tariffs among its three members.
When taxes are a function of income as opposed to a lump sum amount, the AE function becomes flatter.
Answer the following statement true (T) or false (F)