Which statement is false?
A. When two countries trade, both gain from the trade.
B. In international trade some countries are winners and others are losers.
C. For most of the 20th century we had a positive balance of trade.
D. None of these statements are false.
B. In international trade some countries are winners and others are losers.
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If the price of chewing gum is represented by P in equation P = 25 - 0.5 QD, then the corresponding quantity of chewing gum demanded is represented by the demand equation
A) QD = 2P - 0.5. B) QD = 0.5P + 25. C) QD = -5 + 10P. D) QD = 50 -2P.
Trade restrictions can take any of the following forms except one. Which is the exception?
a. tariffs b. free trade agreements c. quotas d. voluntary trade restrictions e. health and safety restrictions
In a perfectly competitive market,
a. each firm faces a perfectly elastic supply curve b. each consumer faces a perfect elastic demand curve c. the market sums up the buying and selling preferences and determines the market price d. the market price is determined by firms and the market quantity is determined by consumers e. price equals marginal cost equals average total cost in the short run
Decreasing returns to scale is strictly a short run phenomenon for firms.
Answer the following statement true (T) or false (F)