All of the following are arguments in favor of restricting trade EXCEPT
A) comparative advantage.
B) protecting domestic jobs.
C) protecting emerging industries.
D) dumping.
A
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________ are non-excludable in consumption
A) Public goods and private goods B) Public goods and common pool resources C) Private goods and club goods D) Club goods and common pool resources
Carefully distinguish between an economic theory and economic model
The law of one price (LOOP) indicates that:
a. Nominal interest rates in countries should be identical because if they were not, arbitragers could make risk-free profits. b. The price of a good in one country should be equal to the exchange-rate-adjusted price of the same product in another country. c. The quantity produced of a good in one country should be equal to the exchange-rate-adjusted quantity produced of the same product in another country. d. The nominal wage rate in one country should be equal to the exchange-rate-adjusted wage of the average laborer in another country. e. All the above.
In a purely competitive industry:
A. there will be no economic profits in either the short run or the long run. B. economic profits may persist in the long run if consumer demand is strong and stable. C. there may be economic profits in the short run but not in the long run. D. there may be economic profits in the long run but not in the short run.