Refer to the figure above. If Barylia does not engage in international trade, what is the production of calculators in the country?
A) 10 units
B) 20 units
C) 40 units
D) 60 units
C
You might also like to view...
Refer to the production possibility graph above. Assume that the economy is in equilibrium at point e. If the price of good B increases, the new equilibrium is most likely to be
A) point f. B) point d. C) point e. D) point h. E) point b.
International trade between two nations increases the standard of living of both nations due to
A) specialization and gains from absolute advantage. B) specialization and gains from comparative advantage. C) high tariffs. D) political intervention.
Consumer surplus increases whenever the price of a good increases
a. True b. False Indicate whether the statement is true or false
Which of the following statements best describes price ceilings?
a. A price ceiling that is set at a relatively high level is nonbinding. b. A price ceiling that is set at a relatively low level is nonbinding. c. A price ceiling that is set at a relatively high level will have no practical effect unless the equilibrium price falls below the price ceiling. d. A price ceiling that is set at a relatively low level will have no practical effect unless the equilibrium price soars high enough to exceed the price ceiling.