The small country assumption is made in developing models of international trade because it applies to US markets
a. True
b. False
Indicate whether the statement is true or false
False
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A regulation that sets the highest price at which it is legal to trade a good is a
A) production quota. B) price floor. C) price support. D) price ceiling. E) subsidy.
Which of the following statements is true?
A) Household production is counted in GDP as it amounts to real production. B) GDP growth distributes income equally to people in the economy. C) GDP accounting rules do not adjust for production that pollutes the economy. D) A decrease in the crime rate increases GDP as people will spend more on security.
How will global warming and climate change adversely impact the "poor," particularly in developing nations?
What will be an ideal response?
Under what circumstances will the residual supply curve for a country be upward sloping?
A) when it does not import any of the good from the rest of the world B) when it imports a small portion of the rest of the world's supply of the good C) when it imports a large portion of the rest of the world's supply of the good D) Either A or B