Which of the following statements is true?
A) Because of the transitional problems affecting some factors of production, the net benefits of free trade are generally negative.
B) Most economists are in favor of opening markets and extending international trade throughout the world.
C) Because of the compelling case for free trade, there are very few strong opponents and arguments against free trade remaining in the world today.
D) Cheap labor in foreign countries can almost always out-compete expensive labor in the United States.
Ans: B) Most economists are in favor of opening markets and extending international trade throughout the world.
You might also like to view...
The optimal bidding strategy in a second-price sealed-bid auction is similar to the optimal bidding strategy in a(n) ________ auction. In both auctions, dominant strategies are at work
A) open-outcry English B) open-outcry Dutch C) first-price sealed-bid D) penny
The cash price at your local elevator is $3.60/bu for corn. The relevant (nearby) futures contract for corn is the December contract and it is valued today at $3.50/bu. The "basis" for this location (market) is:
a. $0.50/bu b. -$0.50/bu c. $0.10/bu d. -$0.10/bu
The circular flow model:
a. Illustrates the interdependence of businesses and consumers b. Assumes that central planning is taking place c. Illustrates how natural resources are created d. Illustrates how money is created by the banking system
According to Say's Law, people:
A. supply goods in order to obtain other goods. B. demand goods in order to maximize their welfare. C. demand goods so they can supply them to others. D. supply goods in order to accumulate profits.