Economists believe that there are many nonmonetary gains from further trade opening. Which of the following is NOT one of those potential gains?
A) Economies of scale from increased production decreases costs.
B) Intensified competition lowers prices.
C) Governments will be less reliant on tariff revenue.
D) Diversification of production lowers risks.
C
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If the U.S. economy is experiencing falling price levels, the
A. expenditure schedule will shift downward. B. expenditure schedule will shift upward. C. slope of the expenditure schedule increases. D. slope of the expenditure schedule decreases.
In which of the following situations would each of the members be responsible for producing an equal share of the total amount of output sold by the cartel engaged in joint profit maximization?
A) When the amount of revenue generated by each member of the cartel is the same. B) When there are no economies of scale in production. C) When each member of the cartel is using the same scale of production. D) When marginal costs of production are the same for each of the members of the cartel.
An economy can increase its total output of goods and services if it
a. increases the hours of work or output per hour. b. increases the hours of work or decreases output per hour. c. decreases hours of work or decreases output per hour. d. decreases hours of work and decreases output per hour.
Adam Smith's book The Wealth of Nations was published in
a. 1692. b. 1776. c. 1816. d. 1936.