In international trade jargon, an economy is said to be a large country if
A. it is a price-taker in the world market.
B. a decline in its imports does not affect its terms of trade.
C. a majority of its production is consumed domestically.
D. a decline in its exports raises the world price of those goods.
Answer: D
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Joanne left her last job, in which she was earning $50,000, in order to form her own consulting business. Her revenues for the first year of consulting were $200,000
During that year, she hired two assistants for $25,000 each and spent $25,000 on office equipment. In addition, she incurred $75,000 in miscellaneous expenses. Her economic profit that first year was A) $0. B) $50,000. C) $200,000. D) $75,000.
First-past-the-post voting structures tend to lead to a:
A. two-party system. B. one-candidate system. C. three-party system. D. multi-party system.
The table below shows the weekly demand for hamburgers in a market where there are just three buyers.PriceQuantity Demanded by Buyer 1Quantity Demanded by Buyer 2Quantity Demanded by Buyer 3$6746597841510123211516Refer to the table. At a price of $6, the weekly quantity of hamburgers demanded in the market is
A. 23. B. 17. C. 11. D. 10.
Suppose the equilibrium price of organic almond butter is $10 a jar. At that price, quantity of almond butter demanded and supplied is 100,000. If a $6 tax per jar paid by suppliers increases the equilibrium price to $14 per jar and reduces the equilibrium quantity sold to 90,000:
A. suppliers pay a greater portion of the tax because they are less price elastic. B. consumers pay a greater portion of the tax because they are less price elastic. C. suppliers pay a greater portion of the tax because they are more price elastic. D. suppliers pay a greater portion of the tax because the tax is levied on them.