Which of the following statements is false?
A) Within each country, some individuals are made better off as a result of international trade, but one of the countries will be worse off overall.
B) Although some individuals may not be made better off as a result of international trade, both countries may be made better off overall.
C) Each country as a whole is made better off as a result of international trade, but individuals within each country may be made worse off.
D) Not all individuals in both countries are made better off as a result of international trade.
A
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Suppose the demand curve for a product is horizontal and the supply curve is upward sloping. If a per-unit tax is imposed in the market for this product
A) buyers bear the entire burden of the tax. B) the tax burden will be shared by buyers and sellers. C) the tax burden will be shared among the government, buyers, and sellers. D) sellers bear the entire burden of the tax.
The Balance of Payments always balances
Indicate whether the statement is true or false
The actions of speculators in a market tend to shift the ____ when the price of the good is low and thereby ____ the price
a. demand curve out; raise b. demand curve in; lower c. supply curve out; lower d. supply curve in; raise
When demand is perfectly inelastic, the demand curve is
A. downward sloping. B. upward sloping. C. vertical. D. horizontal.