If the world price of a good is below the no-trade domestic price, a country
A) will benefit from exporting the good.
B) will benefit from importing the good.
C) cannot benefit from trade.
D) has a comparative advantage in the production of that good.
E) will not engage in trade for that good.
B
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We measure economic growth by the percentage change in real GDP. In general terms outline the course of the U.S. output growth rate in recent decades, both in terms of its trend and its changes around trend
Pay particular attention to the stability of the growth rate.
Economists Lochner and Moretti have identified external benefits to education in the form of
A. improved melodies produced by better-educated musicians. B. education-related crime reductions. C. the higher quality of elected officials chosen by better-educated voters. D. higher salaries earned by better-educated engineers.
Unlike nontariff barriers, tariffs
A. are less transparent B. are more transparent C. are neutral
The above figure shows the market for steel ingots. What is the total surplus under social optimum?
A) $2500 B) $5000 C) $6500 D) Not enough information.