When nations trade the result would most likely be:
A. increase in total production, which can benefit every nation involved.
B. increase in total production, which would benefit only the wealthier nation.
C. decrease in total production across nations but increases it for some.
D. decrease in total production across all nations but benefits every nationbecause they are individually
A. increase in total production, which can benefit every nation involved.
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The division of the burden of a tax between buyers and sellers in a market is called tax incidence
Indicate whether the statement is true or false
If a farmer produces 1000 bushels of corn using ten acres of land and one tractor and is able to produce 2000 bushels of corn using twenty acres of land and one tractor, the farmer has
A) increasing returns to scale. B) constant returns to scale. C) decreasing returns to scale. D) no returns to scale.
As a percentage of total expenditures, spending on highways has _____ since 1970 . Spending on interest payments has _____ over the same time span
a. increased; increased b. decreased; decreased c. increased; decreased d. decreased; increased
As the number of British pounds that exchange for a dollar rises on foreign currency markets: a. the British will have an incentive to import fewer U.S. goods
b. the British will find it easier to export goods to the United States. c. the British will find U.S. goods to be more expensive in their stores. d. all of the above will be true.