Which of the following creates an obstacle to pursuing freer international trade?
a. Consumers do not recognize their potential gains
b. Losses are widespread
c. Domestic producers do not recognize their potential losses
d. Government has plenty of political will and support to remove trade barriers
e. Consumers can easily organize to demand free trade
A
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Assume that the graphs show a competitive market for the product stated in the question.
Select the graph above that best shows the change in the digital camera market when the productivity of workers who produce cameras increases.
A. graph (1) B. graph (2) C. graph (3) D. graph (4)
For which of the following goods is the income elasticity of demand likely highest?
a. water b. diamonds c. hamburgers d. housing
Refer to the information provided in Figure 1.7 below to answer the question(s) that follow.
Figure 1.7Refer to Figure 1.7. At Point A, what is the value of Y?
A. 2 B. 4 C. 6 D. 8
The wage rate will increase and firms will decrease employment to the point where MRP equals the new wage rate if
A. the demand for labor decreases. B. the supply of labor decreases. C. the supply of labor increases. D. the demand for labor increases.