If consumer income and all prices double, then the budget line does not change.
Answer the following statement true (T) or false (F)
True
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International trade decreases the demand for workers in domestic industries that
A) produce goods that are exported from the country. B) produce the goods in which the nation has a comparative advantage. C) help businesses import and export. D) produce goods that also are imported into the country. E) service imported goods.
Suppose that opportunity costs are constant and that Fred can either bake a maximum of six pies or three cakes in a day. Ethel can either produce a maximum of eight pies or two cakes in a day. Ethel's opportunity cost to produce one cake is
A) one-half pie. B) two pies. C) six pies. D) four pies.
A numerical limit imposed by a government on the quantity of a good that can be imported into the country is called a
A) barricade. B) quota. C) tariff. D) quantity floor.
Over the last three decades, the Chinese government has adopted a series of market-oriented reforms that have shifted control of many parts of the Chinese economy from government officials to private individuals. These reforms have most likely stimulated China's growth for which of the following reasons?
A. They have decreased domestic competition. B. They have increased economies of scale. C. They have provided individuals with a greater incentive to be efficient. D. They have decreased entrepreneurship.