Which of the following is correct?
a. An increase in the tariff on foreign-produced automobiles will benefit U.S. consumers of domestic cars.
b. An ongoing result of the North American Free Trade Agreement is that producers in both countries will benefit at the expense of consumers.
c. The wages of U.S. workers would sharply decline if we traded freely with low-wage countries like India and China.
d. Exports provide a nation with its primary source of purchasing power used to buy imported goods.
D
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Refer to Table 16-2. What is the total revenue received from both markets combined?
A) $30 B) $34 C) $68 D) $70
The age of mass production, which began in the United States during the early years of the 20th century, was the ______ phase of the Industrial Revolution.
A. first B. second C. third D. fourth
The portion of consumer surplus that no one in society is able to obtain in a situation of monopoly is known as
A. an opportunity cost. B. a deadweight loss. C. a market failure. D. a market externality.
Briefly explain what you would expect to see happen to spending on health care over time, with health care being considered as a normal good
What will be an ideal response?