Which of the following groups gain from international trade?
i. producers of exported goods
ii. domestic consumers of imported goods
iii. workers in exporting firms
A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
E
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The per-person production function in Chapter 10 assumes that a one percent rise in (K/N) causes a ________ rise in (Y/N), and so it is diagrammed as a ________ line
A) less-than-one-percent, downward-curling B) less-than-one-percent, upward-curling C) one percent, upward-curling D) one percent, downward-curling E) more-than-one-percent, straight
Marshall owns and operates a construction firm. He uses inexpensive and low-grade building products and accepts inferior carpentry work from his subcontractors. Nevertheless, Marshall complies with all the city building codes as well as all state and federal laws. Has he fulfilled all of his ethical obligations
a. Yes, because legal standards are stricter than ethical standards. b. Yes, because ethical obligations require only legal behavior. c. No, because ethics is too hard to define. d. No, because legal compliance is regarded as the moral minimum.
Suppose that a factory is located on the outskirts of a small town. As a by-product of its production process, it produces sulfur dioxide that gets released into the air. The sulfur dioxide lowers the quality of the in the town
Suggest some possible remedies for this negative externality.
In the housing market, rents serve the purpose of
A. providing an entry by the government into the housing market. B. rationing the availability of existing housing. C. making landlords rich. D. increasing tax collections by the community.