Despite the long-term mutual gains from international trade, in the short run
A. particular firms, industries, and groups of workers can be harmed substantially by imports.
B. international trade is usually inflationary.
C. countries must learn to be self-sufficient.
D. most countries realize mutual net losses.
A. particular firms, industries, and groups of workers can be harmed substantially by imports.
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The cross-price elasticity of demand measures the
A) percentage change in the quantity demanded of one good in one location divided by the price of the same good in another location. B) absolute change in the quantity demanded of one good divided by the absolute change in the price of another good. C) percentage change in the quantity demanded of one good divided by the percentage change in the price of another good. D) percentage change in the price of one good divided by the percentage change in the quantity demanded of another good.
Of the four factors that influence asset demand, which factor will cause the demand for all assets to increase when it increases, everything else held constant?
A) wealth B) expected returns C) risk D) liquidity
Increases in revenue will
A) increase economic profit B) decrease economic profit C) may or may not affect economic profit D) leave economic profit unchanged.
The most successful free trade agreements achieve all of the following goals, except:
a. benefiting exporters by increasing exports to member countries. b. ensuring that production occurs on the basis of comparative advantage. c. benefiting consumers by making a wider variety of goods available at a lower price. d. stimulating trade creation to allow the benefits of trade to be realized. e. protecting domestic industries from foreign competition.