Which of the following would shift the supply curve for a good to the left?
a. an increase in the price of that good
b. a decrease in the price of an alternative good
c. an improvement in technology for producing that good
d. an increase in the cost of an important resource used to make that good
e. an increase in the number of producers
D
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Who gains from international trade?
A) only the exporting nation B) only the importing nation C) both the importing and the exporting nations D) neither the importing nor the exporting nations E) The gain depends on which nation gets to keep the total revenue from the sale.
If compared against other criteria for evaluating the public interest, the social welfare function is most comparable to _____
a. utilitarianism b. the Pareto criteria c. the potential compensation criterion d. cost-benefit analysis
Which of the following is not an argument often made for the imposition of trade restrictions?
a. trade restrictions are necessary for national defense purposes b. trade restrictions are necessary to improve economic efficiency c. trade restrictions are necessary to protect fledgling industries d. trade restrictions are necessary to protect against dumping e. trade restrictions are necessary to protect jobs
Like negative externalities, tradable permits are useful in allocating common resources because:
A. the socially optimal quantity is not the same as the individual consumers in either case. B. the depletion of common resources imposes a negative externality. C. the problem present in both is overconsumption. D. All of these statements are true.