If Taiwanese workers can produce all goods at lower wages than American workers, then
a. Americans can still gain by trading with Taiwan.
b. Americans can only lose if they import from Taiwan.
c. Taiwan can only lose if it trades with America.
d. there are no gains from trade that are possible in this case.
e. Americans should be self-sufficient.
a
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The above figure shows the U.S. market for 1 carat diamonds. Suppose the United States imposes the import quota shown in the figure. With the import quota, how many diamonds can be imported?
A) 500,000 B) 700,000 C) 400,000 D) 900,000 E) 300,000
Pension funds are partially guaranteed by the
A) Social Security Administration. B) Federal Deposit Insurance Corporation. C) Federal Reserve. D) Pension Benefit Guaranty Corporation.
The U.S. economy experienced fluctuations in employment and output over the last half of the twentieth century. However, the length of the average recession has been about the same as the length of the average expansion
a. True b. False
Answer the following questions true (T) or false (F)
1. There are no costs to inflation if it is fully anticipated. 2. If you received negative marginal utility from consuming the 4th slice of pizza, then your total utility from 4 slices of pizza must be less than your total utility from 3 slices of pizza. 3. When diminishing marginal utility sets in, total utility must be negative.