Which of the following statements best describes the domestic beneficiaries of international trade?
a. Over time, the average person gains from international trade as a worker, but not as a consumer.
b. Over time, the average person gains from international trade, both as a worker and as a consumer.
c. Over time, the average person gains from international trade as a consumer, but not as a worker.
d. Over time, the average person does not gain from international trade, either as a worker or as a consumer.
b. Over time, the average person gains from international trade, both as a worker and as a consumer.
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Total Reserves minus vault cash equals
A) bank deposits with the Fed. B) excess reserves. C) required reserves. D) currency in circulation.
Given an upward sloping supply curve, the more inelastic is demand, the greater the fraction of the burden of taxation that is borne by consumers
a. True b. False Indicate whether the statement is true or false
A market surplus occurs if the quantity:
A) demanded is greater than the quantity supplied. B) demanded is less than the quantity supplied. C) demanded is equal to the quantity supplied. D) supplied is less than the quantity demanded.
Suppose that the value of the long-run absolute elasticity of demand for a good is one. Then, we know the short-run absolute price elasticity of demand will be
A) inelastic. B) greater than one. C) elastic. D) less than one.