Figure 17-6
The domestic country is China.
Refer to . With no international trade,
a.
the equilibrium price is $12 and the equilibrium quantity is 300.
b.
the equilibrium price is $16 and the equilibrium quantity is 200.
c.
the equilibrium price is $16 and the equilibrium quantity is 300.
d.
the equilibrium price is $16 and the equilibrium quantity is 450.
a
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Which of the following would cause an increase in the equilibrium price and decrease in the equilibrium quantity of watermelon?
A) an increase in demand and an increase in supply greater than the increase in demand B) a decrease in supply C) an increase in demand and an increase in supply D) a decrease in demand and an increase in supply
Identify the correct statement. a. In periods of low inflation, real wages are constant but nominal wages decline
b. If the price level increases, real wages will increase. c. If the price level increases, nominal wages will fall. d. In periods of high inflation, real wages change even if nominal wages remain constant. e. If the inflation rate is high, real wages and nominal wages change by the same amount.
Other things equal, one would predict that market wages would be relatively high when
a. the supply of labor is high. b. the demand for labor is low. c. the supply of labor is low. d. Both (a.) and (b.) are correct
Over time, an increase in the real output and incomes of the trading partners of the United States will most likely:
A. Increase U.S. exports B. Decrease U.S. exports C. Increase imports of the U.S. D. Decrease imports of the U.S.