If the tariffs on textiles, apparel items, and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs), who would benefit the most?
A) the U.S. government B) high-income consumers
C) low-income consumers D) the foreign manufacturer
D
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An example of a final service is:
A. getting the oil changed in your car. B. a used car. C. Tires purchased by Ford to put on their new Explorers. D. a tire to replace your flat.
Economic growth is achieved through: (check all that apply)
a. increased supplies of the factors of production. b. advances in technology. c. reduction in the quality of resources. d. decreased demand for the factors of production.
Assume a two-country, two-commodity, and two-input model. Let the two countries in this model be the United States and the Rest of the World and the two goods being produced by each of the countries be steel and wheat. The two factors of production used in producing the goods in each country are capital and land. If the United States is capital-abundant and wheat production is land-intensive, the Heckscher-Ohlin model would predict that the Rest of the World would
A. export steel and import wheat. B. export wheat and import steel. C. export both the goods to the United States. D. import both the goods from the United States.
The additional cost associated with the hiring of one more unit of labor is known as the
A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor.