In the current Post-Industrial economy, international trade in services (including banking and financial services)
A) dominates world trade.
B) does not exist.
C) is an increasingly important component of global trade.
D) is relatively stagnant.
E) far surpasses the predictions of economist Alan Blinder.
C
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The circular flow model shows the government purchasing goods and services with tax dollars
Indicate whether the statement is true or false
When a government subsidy is granted to the buyers of a product, sellers can end up capturing some of the benefit because
a. the market price of the product will fall in response to the subsidy. b. the market price of the product will rise in response to the subsidy. c. the market price of the product will not change in response to the subsidy. d. buyers will reduce their demand for the product.
The role of the entrepreneur in society is to:
A. Provide capital to the firm which the management combines with labor B. Bring the factors of production together and take the risks of producing C. Control the land upon which all production takes place to get the most rent D. Regulate what products are considered safe to market
When a tariff is imposed, the supply curve for the imported good
A. becomes perfectly inelastic. B. does not change. C. shifts downward and to the right. D. shifts upward and to the left.